Solana SOL price dropped over 7% in the past 24 hours. The network suffered from degraded performance, and the SOL's price plunged.

Solana network suffered a drop in performance

Solana network was subjected to severe criticism in response to the recent price drop in the altcoin's performance. The  SOLANA network was hit by a spike in high compute transactions, reducing its capacity to thousand transactions per second.

Therefore, transactions of users on the Solana  SOL network failed. Developers across the Solana ecosystem worked together to address these issues and improve the resilience of the Solana SOL network.

The incident drove Solana SOL price to freefall, and the altcoin price has posted over 37% losses in the past 30 days.

@Trader_XO, a pseudonymous Cryptocurrency analyst, has predicted a bounce in Solana SOL price if it drops to $120. 

@AltcoinSherpa, a Cryptocurrency analyst and trader, evaluated the Solana  SOL price trend and predicted a drop to the price of $140 level. The Crypto analyst believes that the Bitcoin price pullback fueled the Solana price drop since altcoins price have historically reacted negatively.

Crypto analysts believe that Solana bears have taken over, which could push the altcoin's price lower. The Crypto analysts had predicted Solana price drop to $150.

Ethereum bears push the altcoin’s price lower

Matic Failure to hold inside the rising wedge