The native Solana crypto (SOL), continues to plummet as its blockchain continues experiencing major network congestion problems. It has dropped another 17. today. 79% amid congestion problems over the weekend.

SOL trades at $84. 03 has a trade volume of $3.4 million.

Given the current trend of major cryptocurrency cryptocurrencies going red, it is possible that Solana’s congestion problems will continue to get worse.

What is Solana? (SOL).

Solana, a decentralized open source project, relies on Blockchain technology to provide solutions in Decentralized finance (DeFi). SOL is the native token.

The SOL token was dropped in the current chaos surrounding major cryptocurrency like Bitcoin and Ethereum.

The sharp fall in Solana’s price

Solana appears to have the advantage in this massive crypto market rout after experiencing 48 hours network instability over the weekend. This has disappointed investors and traders. On Saturday, 22 Jan 2022, engineers posted a notice to the Solana website stating:

”Solana mainnet beta experiences high levels of network congestion. The last 24 hours have shown these systems need to be improved to meet the demands of users and support the more complex transactions now common on the network.”

Today, however, the systems are fully operational after a weekend of working on them. A comment on their website stated that the Solana team thanked both the panel who helped debug network problems and the Solana lab team for not sleeping for hours.

This frequent outage of the network has contributed greatly to the bearish market and caused trust issues among investors. Traders are no longer able to trust the platform, which has made it more difficult for its Ehereum Layer-1 rivals like Fantom and BSC.

Mark Jeffrey is a Boolean Fund founder and Crypto investor.

” Another day, another 48-hour Solana downage. This is the sixth such incident in three months. It is a complete sham. It is the new EOS. The fight is now between ETH, BSC, Fantom, Avalanche, and Terra.”

Solana ups its game as traders go for

Alternatives

In the midst all this, questions arise as to whether Solana, the Ethereum competitor in terms DeFi TVL’s pricing structure, has 50%. According to current data, DeFi traders prefer platforms that have low fees, such as Terra, Fantom and Avalanche.

Fantom currently ranks second in DeFi TVL terms after Ethereum. Solana falls to sixth place with $7.7 Billion DeFi TVL, according to DeFiLlama.