Solana,
the
high-speed
blockchain
once
hailed
as
an
Ethereum
killer,
finds
itself
in
choppy
waters.
After
reaching
an
all-time
high
of
$203
in
March
2024,
the
cryptocurrency
has
experienced
a
significant
correction,
currently
trading
at
$145.
Analysts
warn
of
a
potential
freefall,
citing
both
external
market
forces
and
internal
ecosystem
woes.One
month
later,
April
2024,
a
market
correction
was
confirmed.
This
is
confirmed
by
the
fact
that
support
broke,
in
this
case
we
have
a
“cap”
pattern.
➖
Notice
the
shooting
star,…
pic.twitter.com/JKynUDENJd
—
Alan
Santana
(@lamatrades1111)
May
11,
2024
Solana’s
Internal
Struggles:
Network
Congestion
And
Founder
Feuds
Beyond
external
market
pressures,
Solana
faces
internal
challenges
that
threaten
its
stability.
The
network
has
experienced
periods
of
congestion,
hindering
transaction
speeds
and
scalability.
These
hiccups
undermine
Solana’s
core
value
proposition
of
being
a
faster
and
more
efficient
alternative
to
Ethereum.
Adding
fuel
to
the
fire,
recent
public
spats
between
founders
of
prominent
Solana-based
projects
have
cast
a
shadow
of
disunity
over
the
ecosystem.
Such
internal
conflicts
raise
concerns
about
leadership
and
the
long-term
viability
of
the
platform.
At the time of writing, Solana was trading at $145. Chart: TradingView
Solana:
Can
It
Weather
The
Storm?
The
current
situation
presents
a
critical
juncture
for
Solana.
The
cryptocurrency’s
future
hinges
on
its
ability
to
navigate
these
challenges.
On
the
one
hand,
some
analysts
remain
optimistic.
Investment
giant
Franklin
Templeton
recently
identified
Solana
as
a
potential
contender
for
the
number
three
spot
in
the
cryptocurrency
market,
highlighting
its
potential
for
long-term
growth.
Related
Reading
Additionally,
the
upcoming
Breakpoint
conference
in
Singapore,
a
major
gathering
for
the
Solana
community,
could
serve
as
a
catalyst
for
renewed
investor
confidence.
Solana’s
story
is
far
from
over.
Whether
it
emerges
from
this
storm
as
a
resilient
leader
or
fades
into
the
background
remains
to
be
seen.
The
coming
months
will
be
crucial
for
determining
the
cryptocurrency’s
long-term
trajectory.
Featured
image
from
Reformed
Journal,
chart
from
TradingView
Go to Source
Author: Christian Encila
