There has been some criticism about Solana since it was established in March of 2020. Through a thread he created, Cyber Capital founder Justin Bons exposed the network\u2019s recent \u201canomalies.\u201d and how it violated decentralization in the sense of DeFi.<\/p>\n
The native token of the network had a bullish pullback despite the controversy. Given the fundamental nature of some of the conflicts in which the Solana network finds itself embroiled, this comes as something of a surprise.<\/p>\n
Is this price drop a precursor to future gains?<\/p>\n
The Barrier To Confusion<\/p>\n
At the moment, Bons is the most outspoken Solana critic, having started multiple threads concerning the most recent network developments.<\/p>\n
Solana has had many outages this year, the most recent being on October 1,\u00a0according to his latest\u00a0thread.<\/p>\n
This is a serious issue for the network, since it might undermine trust in the project and its token among investors.<\/p>\n\n
Chart: TradingView.com<\/a><\/p>\n An issue with a single validator on Solana\u2019s blockchain led to the outage. As a result, the entire blockchain came to a halt, rendering all transactions suspended\u00a0for a short time.<\/p>\n The management of Solana then utilized check-pointing to restart the entire cluster. In this way, they broke the decentralization of their ostensibly decentralized system.<\/p>\n Additionally, the developers are the target of the thread. According to the discussion, two network developers posed as 11 other network developers. These two developers then double-counted to increase the TVL figure.<\/p>\n Despite recent issues, SOL gained about 8% during the 3rd and 4th of October, before establishing a downtrend earlier today.<\/p>\n What Does This Imply About Solana?<\/p>\n As of this writing, SOL is trading at $33.35<\/a>, up 4% in the last 24 hours.<\/p>\n Indicators also present a negative narrative. The bull and bear power indicator has maintained its downward trend, sending investors and traders strong sell indications. Similarly, stochastic RSI values follow this signal, indicating a strong sell sentiment among investors.<\/p>\n This could be a harbinger of worse to come for SOL. Today\u2019s forming downtrend could be the beginning of the token\u2019s free fall.<\/p>\n If things are to worsen significantly, the price should not fall below the 78.60 Fibonacci level, as any negative breach of this level will cause a further sell-off.<\/p>\n\n SOL total market cap at $11.8 billion on the daily chart | Featured image from Coinpedia, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n There has been some criticism about Solana since it was established in March of 2020. Through a thread he created, Cyber Capital founder Justin Bons exposed the network\u2019s recent \u201canomalies.\u201d and how it violated decentralization in the sense of DeFi.<\/p>\n The native token of the network had a bullish pullback despite the controversy. Given the fundamental nature of some of the conflicts in which the Solana network finds itself embroiled, this comes as something of a surprise.<\/p>\n Is this price drop a precursor to future gains?<\/p>\n The Barrier To Confusion<\/p>\n At the moment, Bons is the most outspoken Solana critic, having started multiple threads concerning the most recent network developments.<\/p>\n Solana has had many outages this year, the most recent being on October 1,\u00a0according to his latest\u00a0thread.<\/p>\n This is a serious issue for the network, since it might undermine trust in the project and its token among investors.<\/p>\n Chart: TradingView.com<\/a><\/p>\n An issue with a single validator on Solana\u2019s blockchain led to the outage. As a result, the entire blockchain came to a halt, rendering all transactions suspended\u00a0for a short time.<\/p>\n The management of Solana then utilized check-pointing to restart the entire cluster. In this way, they broke the decentralization of their ostensibly decentralized system.<\/p>\n Additionally, the developers are the target of the thread. According to the discussion, two network developers posed as 11 other network developers. These two developers then double-counted to increase the TVL figure.<\/p>\n Despite recent issues, SOL gained about 8% during the 3rd and 4th of October, before establishing a downtrend earlier today.<\/p>\n What Does This Imply About Solana?<\/p>\n