Solana Reclaims $30 Despite Sluggish Quarter, NFT Sales Soar
Solana’s relief rally comes against the backdrop of discouraging macroeconomics ravaging the entire cryptocurrency market in the past seven months. After tapping an all-time high of $260 in November 2021, Solana embarked on a sustained drawdown, shedding as much as 87.95%.
Apart from being a victim of the market’s general weakness, the Solana network has been experiencing a series of outages which has been a significant concern for its users. Since it launched in 2020, the proof-of-stake hybrid blockchain has been hit by five major outages, with three of them coming out this year alone. According to data from DeFiLlama, the Total Value Locked (TVL) in the Solana ecosystem has plunged from $10.17 billion in November 2021 to $934.55 million.
Source
@Solana_Updates
