The Solana network is still having trouble processing transactions, yet the price is on the rise.
Why is the price of Solana rising?
Solana appeared on the market as an enhanced version of the Ethereum network, with the smart contracts and Dapps features. The project quickly became one of Ethereum’s biggest competitors
As a result, Solana has captured the attention of many technology leaders around the world. One of them is Reddit co-founder Alexis Ohanian, who announced that he will invest $100 million in building social media on the Solana network.
One of the main reasons for the recent price increase is the arrival of the NFT selling platform Fractal. While it may look like a regular NFT marketplace, it’s notable that it’s being launched by Justin Kan, co-founder of the social network Twitch. On Twitter, Kan stated that he never thought he would become a founder. On the other hand, he did say that he always loved the connection between games and game creators.
I never thought that I would ever be a founder again.
— Justin May ❄️ (@justinkan) Dec 13, 2021
Justin Kan said he wanted to build his platform launch on Solana because the SOL network offers lower transaction costs and faster speed than many of its other competitors.
“We are starting the Solana blockchain because the low cost and high speed of transactions is attractive to game makers who want to have a large number of in-game assets.”
Due to the arrival of Fractal, the Solana price has risen considerably today. At the time of writing, the price of 1 SOL token is around $183.50. That is more than 10 percent higher than yesterday.
Solana network continues to experience problems
Despite the good news, there are also problems. The Solana network is still struggling with problems and failed transactions. That’s because the network has been the target of DDoS attacks in recent days. Eventually it became too slow to process transactions.
Using block explorer Solana Beach, it was found that the network remains slow and the SOL data is not accurate. The network shared the following:
“Solana Beach is struggling to keep up with Solana’s blockchain. Some of the statistics you see here may not be accurate. Please be patient. Everything should be in order soon.”
In addition, Veribit CEO Roy Murphy also found that SOL transactions fail. He indicated that the asset is losing more than 2000 trades per second.
Over the last 24 hours, more than 60% of all Solana transactions have failed. That’s right, a $50 billion top #5 market cap digital asset is losing over 2000 transactions every second! Just switch it off already! pic.twitter.com/CYf1RZf3Ic
— Roy Murphy ⛩ (@murphsicles) Dec 15, 2021
Despite the slow network and transaction disruptions, investors are still investing in Solana. The price of the coin continues to rise and it leaves the DDoS attacks behind.