Solana (SOL) Bullrun Gains Evaporated as It Drops to 2021 Levels

Solana

Despite losing all of 2021’s gains, SOL is still up massively since initial offering

Previously market leader Solana– which should have become the next “Ethereum killer” – has not lived up to its nickname and has lost all its gains since the summer of 2021, following the collapse of the NFT and DeFi industries.

As the daily chart of the coin suggests, Solana is currently trading at the level of August or July of last year. The coin’s performance since its all-time high reached back in November is at approximately 85%.

Since November, Solana has been in a strong downtrend, which it has not broken for over 200 days. Currently, the price of the coin is at the lower trending range, which shows that there could be a short-term bounce.

Fundamental problems of network

Unfortunately, the demand for DeFi and NFT projects is not the only issue with Solana. Ethereum maximalists and Solana haters are using the “Sqlana” nickname for the coin more than ever, following constant downtimes and other issues with the network.

Recently, Solana had another downtime due to the complete network failure. Following problems with the blockchain, the sales volume in the market reached a high level.

Some pro-Ethereum users are joking about the existence of a “Solana status page” which tracks the performance of the network and any type of issue it currently has. The existence of such a service is a curiosity for any blockchain-based product or service and is more traditional for Web2 websites and platforms.

But despite the negative price and technical performance of the past few months, Solana is still on a massive rise since the initial offering, translating into a profit of around 2,500% for early investors.

At press time, SOL is trading around $40 but struggles to gain a foothold above the psychological resistance level.

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