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Solana Now More Decentralized as Its Price Keeps Underperforming

Cryptocurrency Oct 08, 2022 05:00AM ET
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Solana Now More Decentralized as Its Price Keeps Underperforming
 
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  • The Solana network experienced multiple downtimes this past week.
  • Number of SOL stakers grew from 38 thousand to 572 thousand.
  • SOL is currently trading at $32.93 according to CoinMarketCap.

Following the downtime that occured on Solana’s network at the beginning of this month, Solana (SOL) witnessed a drop in the number of stakers, multiple times over the last week.

However, the number of stakers grew from 38 thousand to 572 thousand at press time, according to the latest data from Staking Rewards.

SOL stakers chart (Source: Staking Rewards)

One of the reasons for the increase in the number of SOL stakers is the growth in Solana’s Nakamoto Coefficient, which is the number of nodes (validators) that can halt consensus. This Coefficient went from 30 to 31, thus indicating that Solana is moving towards a stronger and more decentralized network.

Although SOL stakers had a lot of incentives to stick with the Solana network, the same cannot be said for SOL traders and investors. Over the past few weeks, Solana’s weighted sentiment went on a decline according to the blockchain analytics firm Santiment, which indicates that the crypto community was not appreciative of SOL’s recent price action.

SOL’s weighted sentiment (Source: Santiment)

Despite the criticism that the project received from the crypto community, the Solana team did not stop entering into collaborations with other upcoming projects in Web3.

In fact, a Web3 social protocol called Orbis announced their collaboration with Solana on their Web Apps and SDK’s on the 6th of this month.

At press time, the price of SOL is trading at $32.93 following a 1.14% drop in price according to CoinMarketCap. The altcoin was however able to strengthen against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.83$ and 0.58% respectively.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Solana Now More Decentralized as Its Price Keeps Underperforming appeared first on Coin Edition.

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Solana Now More Decentralized as Its Price Keeps Underperforming
 

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