Solana (SOL) is taking a harder hit than Bitcoin or Ethereum, falling to a four-month low

The crypto market is down this morning as the larger economy struggles. Major currencies like Bitcoin and Ethereum are also down along with the rest of the market. But Solana has been hammered much harder, falling to a four-month low.

Solana (SOL) fell below $30 this morning for the first time since June

Solana (SOL) has dropped roughly 5% in the previous 24 hours to a current price of $29.70. According to CoinGecko, it went as low as $28.35 this morning, the lowest price since June 13, when SOL touched $28.19. SOL is gradually returning to the $30 level as of this writing. Today, the overall crypto market is down less than 3%.


SOL/USD 4-hour chart | Source: TradingView

Today’s dip has extended recent losses for Solana investors, with SOL now down 13% over the past seven days and 20% during the past month. More significantly, SOL is down 80% from a year ago and is 89% off its peak price, established in November of last year, when Solana and the broader crypto market were skyrocketing to new highs. As recently as April 23, Solana was valued at more than $100.

While Solana has gained popularity among Web3 designers and consumers, it has also suffered scalability issues. Solana’s network has gone down three times in 2022, most recently on September 30, for five catastrophic outages. Occasionally, the network has struggled to execute transactions without falling completely down.

In recent months, Solana’s engineers, including the founding team at Solana Labs, have done several network enhancements to stabilize the network. Furthermore, Jump Crypto and the Solana Foundation are working on a second validator client to keep the network running if the present validator software fails again.

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