- Solana’s Devnet is down
- Sentiment around the network fell and prices bounced back on the charts.
Solana (SOL) has had one of the most positive gains in the cryptocurrency sector over the past few months. However, despite this growth, some people remain skeptical about Solana due to multiple mainnet outages in the past.
Devnet is down
The recent outage of the Solana devnet could worsen the sentiment surrounding Solana even further.
The same thing was confirmed on Solana Devnet’s X account. According to this, the engineering team is currently working to resolve issues encountered on devnet. It’s worth mentioning here that even if Devnet doesn’t impact Solana testnet or mainnet, downtime could still affect how people perceive Solana.
Source: X
In the past, devnet has faced congestion-related issues. To address this issue, Solana has released a new version of its validator client software to address persistent congestion issues and is urging validators to upgrade immediately. Anza, a spin-off of Solana Labs, has led the development process and released version 1.18.11, specifically designed to alleviate network congestion.
It remains to be seen how the developers resolve this issue and how sentiment towards Solana may be affected.
AMBCrypto’s analysis of Santiment’s data shows that weighted sentiment surrounding the Solana network has declined significantly at the time of writing. This shows that the number of negative comments about Solana on social media outnumbered the positive ones. If this negative sentiment persists in the future, it could hinder the growth of the Solana network and the SOL token.
Source: Santiment
Solana’s State of DeFi
However, despite this negative sentiment, Solana is performing relatively well in the DeFi sector. In the first quarter of 2024, Solana was the main driver of active address growth in the DeFi space, accounting for 45% of total DeFi activity by the end of the quarter.
Read Solana (SOL) price prediction for 2024-25
Source: X
Despite increased DeFi activity over the past quarter, Solana Network’s DEX volume has been declining over the past few days. Additionally, Solana’s Total Value Locked (TVL) also declined during this period.
Source: Artemis
However, despite these factors, the price of SOL has risen. At press time, SOL was trading at $145.38, up 11% in 24 hours.