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Solana Network Sees Staking Growth Amid Price Challenges

Despite recent downtime, Solana's staking numbers have surged, while its price continues to face headwinds. Discover the latest trends and developments impacting SOL.
Published on 2022-10-08

Solana Network Performance and Staking Growth

The Solana network experienced multiple downtimes recently, yet it has shown resilience in terms of staking adoption. The number of SOL stakers has grown significantly, rising from 38,000 to 572,000. This surge indicates renewed confidence in the network's stability and rewards.

Increased Decentralization with Nakamoto Coefficient

Solana's Nakamoto Coefficient, a measure of network decentralization, has improved from 30 to 31. This growth suggests a more robust and decentralized network, enhancing its overall security and consensus mechanism.

Sentiment and Community Reaction

Despite positive staking growth, sentiment around SOL has declined, according to data from Santiment. This reflects community dissatisfaction with SOL's recent price performance, which has underperformed compared to broader market expectations.

Strategic Collaborations in Web3

Solana continues to expand its ecosystem through partnerships. A notable collaboration with Orbis, a Web3 social protocol, highlights Solana's commitment to innovation and adoption in the decentralized space.

Current Price Trends

At press time, SOL is trading at $32.93, showing a 1.14% drop. However, it has strengthened slightly against Bitcoin and Ethereum, gaining 0.83% and 0.58% respectively. This mixed performance underscores the challenges SOL faces in regaining momentum.

Conclusion

While Solana's staking growth and decentralization improvements are positive signs, its price struggles and declining sentiment present ongoing challenges. Investors and traders should remain cautious, conducting thorough research before making decisions.

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