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Solana Sees Price Correction Amid Scrutiny Of Recent SOL Rally

Solana‘s (CRYPTO: SOL) native token sees a notable decline after a recent rally, raising questions about the supporting factors behind its temporary surge.

According to a Cointelegraph report, Solana’s SOL has undergone a 10% correction, falling to $40 on Nov. 6 after failing to breach the $44.50 mark. This descent follows a substantial 36.6% rise between Oct. 30 and Nov. 2, challenging the validity of its $16.9 billion market capitalization.

The peak price on Nov. 2 was the highest since August 2022, coinciding with the Solana Breakpoint 2023 conference in Amsterdam.

The conference also saw the unveiling of Firedancer, a new client designed to boost speed and reduce hardware requirements for validators. Moreover, Solana’s network data was made available on Google Cloud BigQuery on Oct. 31, offering developers and companies valuable data insights.

See Also: Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst

Despite these developments, challenges remain for Solana. On Oct. 17, Lido Finance ...

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