Solana Experiences Major Network Outage
You are a crypto enthusiast who is a fan of the high-performance smart contract platform Solana ($SOL). The platform recently experienced a major network outage that lasted five hours, marking its first outage since February 2023.
$SOL Token Performance
Despite the outage, the price of the platform’s native token surged by more than 6% over the last 30 days and is up over 300% in the last six months. After plunging to a low near the $93 mark, the token has recovered and is now trading around $104.
Solana Outperforms Bitcoin
According to on-chain analytics firm Santiment, Solana has been one of the few altcoins outperforming leading cryptocurrency Bitcoin. The outage has concerned traders, but has fueled a price rebound in the token.
Cryptocurrency Investment Products
Investment products offering exposure to Solana saw inflows of $3 million over the past week, while cryptocurrency investment products, in general, saw nearly $500 million of outflows, with Bitcoin and Ethereum products leading the way.
Cryptocurrency Investment Flows
According to CoinShares’ latest Digital Asset fund Flows Weekly report, outflows totaling $500 million were partly due to investors dropping Grayscale’s GBTC. However, Solana-focused investment products were among the few seeing inflows, behind products focusing on multiple cryptocurrencies, which saw $7.1 million in inflows.
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