The Fall of Solana?
Before you invest in #Solana or sell your $SOL , here are what you need to know relating to the recent drop in the $sol market.
Network outage: Solana experienced a major network outage on Feb. 6, 2024, that lasted for about five hours. This caused transactions to halt and raised concerns about the reliability and security of the blockchain. The SOL price dropped from around $96 to below $94 during the incident.
Market sentiment: Solana is influenced by the overall mood and trend of the crypto market, which can be affected by various events, news, regulations, and opinions. For example, the crypto market suffered a sell-off on Feb. 16, 2024, that dragged down most coins, including SOL, which plunged 32%2.
Competition: Solana faces competition from other blockchains and cryptocurrencies that offer similar or better features, such as scalability, speed, low fees, and innovation. For example, Solanaâs base standard tokens, such as #Jupiter ($JUP ) and #Spyro ($SPYRO), have been losing ground to a new Solana competitor, #Smog ($SMOG), which launched with an explosive 68% pump and a lucrative airdrop
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