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Solana price corrects as recent SOL rally factors come under question

Press Releases Crypto News Cointelegraph Solana price corrects as recent SOL rally factors come under question

Solana’s SOL (SOL) experienced a notable 36.6% increase in value between Oct. 30 and Nov. 2. However, it failure to breach the $44.50 mark resulted in a 10% correction down to $40 on Nov. 6. This movement has left many investors pondering whether the ecosystem growth and network activity support Solana’s present $16.9 billion market capitalization.

SOL’s peak at $44.50 on Nov. 2 was the highest it had reached since August 2022 and coincided with the Solana Breakpoint 2023 global conference in Amsterdam. The price hype during this period even prompted BitMEX co-founder Arthur Hayes to admit to being a “degen” and investing in SOL, despite referring to the token as “just a meme.”

During the Breakpoint conference, the Solana Foundation unveiled the testnet launch of Firedancer, a new client aimed at enhancing speed and reliability and reducing hardware requirements for validators, addressing a longstanding criticism of the layer-1 blockchain, which offers parallel computing for smart contracts.

Additionally, on Oct. 31, the Solana Foundation announced the availability of its network data set on Google Cloud BigQuery, a serverless data warehouse solution with built-in machine learning and artificial intelligence. This enables developers and companies to access archival data and analytical insights transparently and securely.

On the development front, the Solana Foundation has maintained a consistent level of activity. This includes the approval by validators in September of the v.1.16 update, which introduced confidential transactions for SPL tokens on the Solana network using zero-knowledge proofs.

However, not all news has been positive for Solana, despit

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Author: Marcel Pechman

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