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The Solana network has made a strong recovery after a recent network issue.
Solana Ecosystem Stays Strong
Despite recent downtime raising concerns, the Solana ecosystem has showcased resilience and exceeded previous total value locked (TVL) records, signaling a robust performance amidst challenges. However, while SOL’s price has seen growth, negative sentiment persists, potentially impacting the network’s prospects.
The recent downtime experienced by the Solana (SOL) network led to doubts among skeptics regarding its future and ecosystem. Despite these uncertainties, recent data indicates that the Solana ecosystem has rebounded, surpassing its previous TVL record set on January 1st.
As of the latest update, the TVL, measured in both USD and SOL, has reached its peak since November 2022, demonstrating the ecosystem’s financial strength and resilience.
However, despite this positive development, overall sentiment surrounding Solana has continued to decline. Negative chatter on social platforms persists, potentially affecting investor confidence and leading to reduced investment inflow and withdrawals.
The erosion of trust among users and a weakened community support system could deter new users from joining the ecosystem and prompt existing users to reconsider their involvement. Additionally, a decline in sentiment has impacted NFT sales on Solana, with blue-chip collections experiencing significant declines over the past month, along with a decrease in NFT floor values.
Nevertheless, despite the challenges, SOL’s price has shown growth, currently trading at $104.64 with a 2.79% increase in the last 24 hours. However, trading volume has declined from 3.91 billion to 1.91 billion, indicating potential volatility in the market.
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