Solana Claims Leading Blockchain Position this Month, Despite Recent DDoS Attack

Updated:

Solana (SOL) has recorded some impressive on-chain numbers despite having suffered a recent denial-of-service (DDoS) attack.

On-chain analytics platform Santiment revealed that Solana outperformed the daily GitHub submission rates of Polkadot (DOT) and Cardano (ADA) to become the number one blockchain over the past month. The report showed that SOL recorded a daily GitHub submission of 90 between November 12 and December 13. In the same period, Polkadot recorded a daily submission of 76, while Cardano recorded 65.

Interestingly, this surge comes shortly after the DDoS attack on the network on December 9, which caused some inefficiencies for SOL. However, the network managed to power through the issue without shutting down completely. That said, the attack raised severe concerns over the network’s integrity for many developers and users.

A DDoS attack involves using a coordinated botnet targeted activity that aims to overwhelm the afflicted network with fictitious traffic, which causes a significant transaction backlog on the blockchain.

Meanwhile, some experts have blamed the recent attack on fundamental flaws in the network and its Proof-of-History (PoH) validation mechanism. Commenting on Solana’s PoH algorithm, a Grayscale report noted that:

“The Solana consensus mechanism uses a new blockchain technology that is not widely used and may not function as intended. There may be flaws in the cryptography underlying the network, including flaws that affect the functionality of the Solana Network or make the network vulnerable to attack.”

Key Solana Levels to Watch — December 13

SOL remains under intense bearish pressure as bears facilitated a sustained push below the critical $170 support. This fall comes after a failed attempt to resurface above the 5-week-long bearish tripwire yesterday, which sent the fifth-largest cryptocurrency below the $160 mark.

SOLUSD – 4-Hour Chart on FTX. Source: TradingView

That said, Solana now trades at its lowest level since October 20, just before the parabolic run that pushed it to its all-time high.

I expect to see a rebound to the $170 level over the coming hours, followed by a likely bearish continuation near $150. However, breaking above the tripwire at $170 from the rebound should keep bears at bay shortly while bulls reposition.

Meanwhile, my resistance levels are $170, $180, and $190, and my support levels are $150, $140, and $130.

Total Market Capitalization: $2.15 trillion

Solana Market Capitalization: $48.5 billion

Solana Dominance: 2.25%

Market Rank: #5

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.