- Sam Bankman-Fried believes that the Solana network is superior to other blockchains despite its recent outages.
- The demand for Solana has reached the altcoin’s supply, and the Ethereum-killer’s network is struggling with congestion.
- Experts argue that getting liquidated in their positions due to the Solana outage degraded their crypto portfolio returns.
The Solana network suffered an outage several times over the past two weeks. Users complained about failed transfers, and the Ethereum-killer revealed that DeFi investors drove a spike in complex transactions.
Solana remains superior to other blockchains despite outages
The Solana network’s degraded performance has raised questions about the altcoin’s relevance and reliability. Sam Bankman-Fried, the FTX exchange CEO, argued that Solana is superior to other blockchains despite outages and degraded performance.
Bankman-Fried believes that the Solana network is degraded relative to its historical performance, and that implies it remains superior to other blockchain networks. The CEO of FTX exchange is focused on the Solana blockchain’s outcome, highlighting that the network still processes more transactions than all major cryptocurrencies.
1) I haven't commented much on @solana this week, but some brief thoughts:— SBF (@SBF_FTX) January 25, 2022
Larry Cermak, VP of research at the Block, considers that the Solana network’s outage liquidated traders’ positions and negatively impacted the performance of their crypto portfolios. This implies that Solana may not be the most superior blockchain after its degraded performance over the past few weeks.
The main issue in the last few days was that you couldn’t get transactions through when you needed it the most. If I get liquidated because I can’t top up my position due to degraded performance, it’s hard to see me trusting it again for those kinds of transactions— Larry Cermak (@lawmaster) January 25, 2022
The team behind the Solana network revealed that DeFi users were behind the complex transactions hitting the Ethereum-killer’s blockchain, slowing it down.
Analysts have evaluated the Solana price trend and predicted a recovery. @MacroCRG, a pseudonymous cryptocurrency analyst, believes that Solana price is approaching the first area of interest, and there could be a reaction at this make or break point.
FXStreet analysts believe that Solana price could hit $120.
Dogecoin price searches for reliable support before bulls plan massive comeback
Dogecoin price has formed a parallel channel on the daily chart as DOGE continues to consolidate and confuse forecasts. The canine-themed token is likely to continue to move sideways between clearly defined technical levels. Dogecoin price may continue to be sealed within the prevailing chart pattern, between the upper and lower boundaries. While selling pressure has increased, as indicated by the Arms Index (TRIN), DOGE may fall further to tag the lower boundary of the governing technical pattern at $0.133, which should act as reliable support for Dogecoin price. If Dogecoin price manages to rebound, DOGE will face immediate resistance at the 21-day Simple Moving Average (SMA) at $0.161, then at the 50-day SMA at $0.168. An additional hurdle will emerge at the 23.6% Fibonacci retracement level at $0.179. Dogecoin price will meet another challenge at the middle boundary of the prevailing chart pattern at $0.209, where the 100-day SMA and 38.2% Fibonacci retracement level intersect.Read more
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