Solana (CCC:SOL-USD) is having a rough week of trading. After a pattern of bullish upswings through the last handful of weeks, the network’s momentum came to a rapid halt in the last couple days. An outage yesterday on the network caused some woes for investors who were just hopping onto the SOL train, and the coin is suffering a 15% loss on the week. The coin is moving back on the up and up this afternoon, but some may still be shook. What are Solana (SOL) price predictions looking like in the midst of this accidental outage?
Solana is coming into popularity among even the most mainstream of crypto investors right now. Its non-fungible token (NFT) capabilities have allowed it to capitalize on the surging popularity of the digital art space. Things really picked up for the network in late August, when it launched its “Degenerate Apes” NFT sale, which saw 10,000 unique tokens sold in mere minutes. This momentum is allowing Solana to bloom in market capitalization, and it’s currently the seventh-largest crypto in the world.
The Solana network prides itself on being fast — its developers call it the fastest blockchain in the world, and it promises to scale transactions to a degree to which other networks cannot live up. As it stands now, the network can handle up to 50,000 transactions per second.
Is the Network Outage Affecting Solana (SOL) Price Predictions?
Well, whether or not the developers wanted to test that upper limit, they did not have a choice yesterday. The network suffered an outage after a huge influx of transactions was too much for the chain to handle. At the peak of trading, developers state Solana saw 400,000 transactions per second on the network, eight times greater than it is capable of handling.
The resulting outage of this transaction boom was pretty devastating to SOL’s recent gains. At 17 hours in length, the outage is completely halting price momentum, and it has, in fact, more than erased Solana’s seven-day gains. As it stands now, the SOL coin is down over 15% over the last seven days. The network is up and running as of early this morning. SOL is trending up by 5%, but the damage has been done.
With all of this said, there’s still much to be excited about with the Solana network. The outage, while tragic, is not something that developers predicted, nor is it something they had lied about being able to handle. It’s just an unfortunate event that happened in a boundary-pushing industry.
With that said, what might analysts be saying about their Solana (SOL) price predictions? Let’s take a look:
- CoinPriceForecast suggests that Solana’s SOL coin will see significant growth through the end of the year. By December, the site predicts SOL will be worth a whopping $530.
- The Economy Forecast Agency is predicting a price of $263 for the coin by year’s end. It might not be as high as its peer’s prediction, but keep in mind that that’s a $100-plus gain from current prices.
- Coinpedia says that the SOL coin could see a high of $300 before the year is out.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.