Solana Metrics Confirm Loss Of Bullish Momentum Following Recent Network Outage

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It has been an exciting week or two for Solana, although not always for positive reasons. Yet another network outage has upset a fair few people, but it does wonders for the currency’s social presence. That said, the bullish sentiment regarding SOL has taken a big hit. 

Solana Gets In The News, Again

There are many valid reasons for developers to build applications, products, and services on Solana. Nothing can change that aspect, as these fundamentals exist at the protocol level. However, any project building on Solana’s stack requires 100% uptime or as close to it as possible. Unfortunately, the chain isn’t the best solution in that regard. 

More specifically, Solana suffered from another temporary outage a few days ago. That brings the number of outages to a handful in the past 18 months. While anything can happen, blockchains are designed to solve reliability issues associated with centralized infrastructure. Most networks can do that rather well, yet Solana keeps running into problems somewhat regularly. 

Such an outage does not provide too much confidence to investors and builders. While the issue was resolved quickly, it cannot keep happening. Unfortunately, it is easier said than done, as fixing these ongoing issues may require a massive protocol overhaul. Even so, these events generate tremendous social activity for the project. It certainly brought the network to more people’s attention. 

However, that attention may not prove beneficial to this ecosystem. Higher social engagement is good, but not at all costs. Additionally, the overall social mentions for the project are down, as are its social dominance and spam volume. The 10% decrease in shared links is interesting, although not necessarily problematic. Finally, despite the outage, the SOL market cap is still up by over 4% this month. 

SOL Sentiment Sours A Bit

It is tough to say if the outage has caused the dip in bullish SOL sentiment. Overarching market conditions are not too kind to crypto markets either. However, the result is a 5.3% decline in bullish sentiment for SOL, whereas the bearish sentiment was reduced by 2.6%. It is tricky to have a positive short-term outlook on a currency if its underpinning network goes down. 

The volume across social media platforms is one thing to keep an eye on. SOL Hasn’t done too well on that front either, with declines across Twitter (-4.1%), Reddit (-11%), and Medium (-29.1%). On the upside, there is a nearly 34% increase in YouTube volume. But, again, that may have to do with the network outage rather than other developments. 

Additionally, Solana has a news volume increase of 7.4%compared to the previous month. A network outage will undoubtedly have that effect.

Solana Influencers Pull Their Weight

Like other cryptocurrencies, Solana has a fair share of influencers. The project’s official account is one of them, as it should be. However, there are also entities like IceKnife, Aeyakovenko, CryptoGodJohn, and CryptoAnglio. 

Influencers are an intriguing concept in the crypto world, although their long-term benefit remains unclear. 

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