Solana price is giving up some of its recent gains. Cointelegraph investigates why.
) experienced a notable 36.6% increase in value between Oct. 30 and Nov. 2. However, SOL’s 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.
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, whichHowever, not all news has been positive for Solana despite its token's price performance. For example, on Oct.
In contrast, BNB Chain's DEX, PancakeSwap, boasted 513,060 active addresses in the last 30 days, and its Stargate game had 106,400 users. Meanwhile, Avalanche's DEX, Trader Joe, garnered 54,130 active addresses, and its leading game, Galxe, had 32,040 unique addresses.
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