Solana, a network that at its start was widely touted as the Ethereum killer, hasn’t really lived up to its reputation. Due to the numerous downtimes, the chain has earned the skepticism of investors and builders.
Its capacity to process thousands of transactions per second, with over 111 billion transactions and an average of 200 t/ps in the last six hours seen according to data from the Solana explorer, however, cannot be questioned.
Solana’s TVL getting a run for the money
According to DefiLlama data, Solana’s TVL decreased by 2.15% throughout the course of the previous day. The TVL was estimated to be worth $941.59 million, down from an earlier estimate of nearly $1 billion made in early October.
Source: DefiLlama
The Solana ecosystem had been facing competition from growing Ethereum L2s in terms of TVL.
In the past, Solana had a substantially higher TVL than Arbitrum and Optimism. Messari data indicates that over the past quarter, this altered.
Their superior performance in comparison to TVL has undoubtedly been influenced by L2 incentive schemes and airdrop expectations.
Source: Messari
The number of daily transactions on the Solana network had surpassed one billion, and this trend persisted for several days. A normal range of chain activities can be inferred from this. At the time of this writing, the total value of all transactions was above 700 million.
Source: Santiment
More trouble for SOL holders?
SOL holders have not been having the best of times in terms of price movements. Looking at price movement on a daily basis revealed that SOL had been experiencing a downturn lately.
The current resistance level supported SOL prior to the start of the decline, as could be seen from the daily chart. Around $35.3 to $40 was where the present resistance level was observed.
Around $30.5 and $26.3, support could be spotted, and it was also clear that the short 50 Moving Average (MA), shown by the yellow line, was serving as support. However, the price movement at the moment suggested that it may be moving below the yellow line and turning it into resistance.
Source: TradingView
According to a recent report obtained from Messari, Solana’s hackathon program had been evolving. The Solana ecosystem hosts numerous hackathons all year round to aid developers in honing their abilities.
This article first appeared on AMBCrypto
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