Solana (SOL) crypto drops after outage; know more here

The Solana (SOL) crypto was in focus after it suffered a network outage for over four hours on Wednesday, the second time in a month.

The SOL token fell nearly 9% since Wednesday’s power breakdown. The Solana blockchain has suffered a series of disruptions over the past year.

The broader crypto market also fell over 4% to US$1.25 trillion on Thursday morning, according to Coinmarketcap.com. But the trading volume in the last 24 hours rose 15.56% to US$96.57 billion.

On May 1, the Solana network was down for around seven hours before being restored. The disruption was blamed on the rush in transactions.

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Solana restored the network on Thursday morning following the latest outage. Although Solana grew to one of the top 10 cryptos, its performance was hit by a spate of network failures in recent months.
According to Coinmarketcap, it currently holds the ninth position based on market capitalization.

The Solana blockchain suffered its longest blackout spanning 18 hours in January. At the time, investors could not offload their holdings as their portfolio value dropped.

Commenting on the latest blackout, Solana on Thursday said that the "validator operators" were able to complete a "cluster restart of Mainnet Beta" at 9:00 pm UTC following the outage.

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What is Solana (SOL) crypto?

Solana is an open-source project with high functional capabilities. The blockchain claims to offer permissionless DeFi services.

Although the project was launched in March 2020, its development began in 2017. The protocol is designed to facilitate the creation of decentralized applications (DApps).

It claims to have improved scalability by combining the proof-of-history (PoH) consensus mechanism with the proof-of-stake (PoS) consensus.

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Because of its hybrid consensus model, Solana attracts interest from small-time traders and institutional traders. It aims to make decentralized finance accessible to people. SOL is the native token of the Solana blockchain. It is available for trading on exchanges like Binance, OKX, FTX, etc.

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Data Source: CoinMarketCap.com

Bottom line:

The SOL token was priced at US$40.89 at 9:23 am ET on June 2, down by 8.36%, while its one-day volume rose 43.23% to US$1.73 billion. It has a market cap of US$13.90 billion, and its fully diluted market cap is more than US$20.58 billion.

The token's total supply is 511.61 million, and its current circulating supply is over 339.96 million. It saw the highest price of US$95.03 and the lowest price of US$38.05 in the last 30 days.

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