Solana struggles under US$90 while NFT sales surge higher

Solana struggles under US$90 while NFT sales surge higher

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Following a network outage over the weekend, Solana continued to trade below US$90 at 12 p.m. HKT on Tuesday, although Solana’s non-fungible token (NFT) secondary sales rebounded sharply, rising more than 95% in the past 24 hours.

See related article: Solana loses consensus after bots flood network, SOL takes hit

Fast facts

  • Solana was trading around US$88.32 at press time, having fallen by more than 35% from roughly US$140 a month ago.
  • The growth in Solana NFT sales was driven by the Okay Bears collection, which netted over US$6.21 million in secondary sales turnover, growing more than 134% in the past 24 hours, according to CryptoSlam data.
  • Cets on Crek, another Solana NFT collection, saw secondary sales turnover of US$690,000, a spike of more than 330% in the past 24 hours. 
  • The Solana network was down for seven hours on Sunday after bots spammed its NFT minting tool “Candy Machine,” causing the network to lose consensus.
  • According to Solana’s investigation into the outage, the network was flooded with six million transactions per second by bots, causing validators to run out of memory and crash, although there was no proof of a denial-of-service (DDoS) attack. 
  • Solana is working on a number of fixes to solve the issue of network outages, including fee prioritization. 

See related article: Solana suffers network slowdown, raising questions around proof of history

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