Solana Sees Price Correction Amid Scrutiny Of Recent SOL Rally
Portfolio Pulse from Benzinga Neuro
Solana's native token, SOL, has seen a 10% price correction, falling to $40 on Nov. 6 after failing to breach the $44.50 mark. This follows a 36.6% rise between Oct. 30 and Nov. 2. Despite recent developments such as the unveiling of Firedancer, a new client designed to boost speed and reduce hardware requirements for validators, and Solana’s network data being made available on Google Cloud BigQuery, challenges remain. Lido Finance announced its withdrawal from the Solana network due to financial unsustainability, and Solana's DApp deposits saw a 30% drop in 30 days. Issues of possible centralization have also surfaced.
November 07, 2023 | 10:08 am
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Solana's SOL has seen a 10% price correction, indicating a potential short-term bearish trend. Despite recent positive developments, challenges such as a 30% drop in DApp deposits and issues of possible centralization could negatively impact the price.
The price correction of Solana's SOL, coupled with the challenges it faces such as a drop in DApp deposits and issues of possible centralization, could lead to a bearish trend in the short term. The withdrawal of Lido Finance from the Solana network also adds to the negative sentiment.
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