Why is Solana (SOL) price down today?
1 min read
Solana’s native token (
Despite the 7-day average transaction fee on the Ethereum network increasing to the current $7.6, its total weekly NFT volume continues to outpace Solana’s by more than 7 times. This data underscores that investors and creators consider factors beyond transaction costs. Nevertheless, Solana maintains a significant position in the market, alongside the leaders, Bitcoin and Ethereum networks.
Even though SOL price corrected by 5.5%on Nov. 13, it does not necessarily reflect a decline in network activity or reduced demand for leverage longs using futures contracts. However, it does indicate that investors have taken notice of SOL’s seemingly excessive market capitalization compared to its peers. The extent of this correction remains uncertain.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
