Solanaa network that was widely touted in the beginning as the Ethereum killer, didn’t quite live up to its reputation. Due to the many standstills, the chain has earned the skepticism of investors and builders.

The capacity to process thousands of transactions per second, with more than 111 billion transactions and an average of 200 t/ps in the last six hours, data from the Solana explorerhowever, cannot be doubted.

Here are AMBCryptos Price forecast for Solana (SOL) for 2022-2023

Solana’s TVL gets a run for the money

According to data from DefiLlama, Solana’s TVL is down 2.15% over the course of the previous day. The TVL was estimated at $941.59 million, down from a previous estimate of nearly $1 billion made in early October.

Source: DefiLlama

The Solana ecosystem faced competition from growing Ethereum L2s in the field of TVL.

In the past, Solana had a significantly higher TVL than Arbitrum and Optimism. Data from Messari shows that this has changed in the past quarter.

Their superior performance compared to TVL has undoubtedly been influenced by L2 incentive schemes and airdrop expectations.

Source: Messari

The number of daily transactions on the Solana network had crossed the billion mark and this trend continued for several days. A normal range of chain activities can be derived from this. At the time of writing, the total value of all transactions was above 700 million.

Source: Santiment

More problems for SOL holders?

SOL holders have not had the best of times in terms of price movements. Looking at price movements on a daily basis revealed that SOL had been in a downturn lately.

The current resistance level supported SOL before the start of the decline, as seen on the daily chart. Around $35.3 to $40, the current resistance level was observed.

Support could be noted around $30.5 and $26.3, and it was also clear that the short 50 moving average (MA), represented by the yellow line, was serving as support. However, the price movement at this point suggested that it may move below the yellow line and turn it into resistance.

Source: TradingView

According to a recent report obtained from messari, Solana’s hackathon program was in development. The Solana ecosystem hosts numerous hackathons throughout the year to help developers hone their skills.

This post SOL holders may want to look away from these stats because…

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