{"id":2151,"date":"2023-07-03T09:51:54","date_gmt":"2023-07-03T09:51:54","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/07\/03\/solana-price-falls-below-30-for-first-time-since-june-2\/"},"modified":"2023-07-03T09:51:54","modified_gmt":"2023-07-03T09:51:54","slug":"solana-price-falls-below-30-for-first-time-since-june-2","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/07\/03\/solana-price-falls-below-30-for-first-time-since-june-2\/","title":{"rendered":"Solana Price Falls Below $30 for First Time Since June"},"content":{"rendered":"

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Solana Price Falls Below $30 for First Time Since June
$30,695.00
$1,947.75
$247.11
$0.483699
$0.293687
$0.068187
$112.51
$19.41
$0.076673
$5.51
$0.69035
$296.14
$30,691.00
$13.28
$0.0000077
$5.67
$3.78
$6.60
$168.26
$0.109026
$9.87
$20.33
$45.37
$4.74
$4.49
$2.19
$7.37
$0.02086975
$0.057092
$1.48
$70.16
$48.65
$0.125524
$0.317835
$0.768166
$0.44651
$2.21
$905.72
$0.843035
$0.769974
$2.37
$2.05
$0.40869
$6.26
$0.00000163
$9.53
$0.768301
$6.77
$0.998077
$65.06
$38.23
$0.078847
$6.00
$0.02171527
$1.59
$1.077
$0.314416
$0.328146
$0.207145
$0.574113
$33.97
$34.56
$0.02965164
$0.051506
$2.10
$0.653608
$0.189533
$10.59
$0.215998
$0.04968097
$0.00866631
$0.01308413
$0.705279
$9.29
$0.335517
$0.00746709
$0.823287
$0.572973
$0.685909
$1.30
$0.182648
$0.188294
$0.00173633
$0.325574
$0.084818
$0.077842
$0.00200163
$0.156584
$0.052202
$3.46
$0.00000037
$0.00000665
$0.00696683
$0.726817
$0.00039846
$1.69
$0.00008471
$0.04447457
The <\/span>crypto market is in the red<\/span><\/a> this morning amid continued wider economic turmoil, and top coins like <\/span>Bitcoin<\/span><\/a> and <\/span>Ethereum<\/span><\/a> are both down today alongside much of the market. But <\/span>Solana<\/span><\/a> has taken an even harder hit, dropping to a four-month low.<\/span>
Solana (SOL) is down about 5% over the last 24 hours, dipping to a current price of $29.70. It fell as low as $28.35 earlier this morning, per data from <\/span>CoinGecko<\/span><\/a>\u2014the lowest price registered since June 13, when SOL hit $28.19. As of this writing, SOL is gradually climbing back towards the $30 mark. The wider crypto market is down less than 3% today.<\/span>
Today\u2019s dip has extended recent losses for Solana investors, with SOL now down 13% over the past seven days and 20% during the past month.<\/span>
More dramatically, SOL is down 80% from one year ago and is 89% off its peak price set last November when both Solana and the wider crypto market were surging to new heights. Solana was worth more than $100 per coin as recently as April 23.<\/span>
SOL is the native cryptocurrency of Solana, a layer-1 blockchain network used for <\/span>decentralized apps<\/span><\/a> and games, as well as <\/span>DeFi<\/span><\/span> and <\/span>NFTs<\/span><\/a>. The so-called \u201cEthereum killer\u201d has gained prominence due to its ability to handle faster and cheaper transactions, plus it had a much smaller environmental impact prior to Ethereum\u2019s recent switch to proof of stake.<\/span>
But while Solana has found favor among many <\/span>Web3<\/span><\/span> builders and users, it has also faced challenges while scaling. Solana\u2019s network has gone offline three times so far in 2022\u2014most recently <\/span>on September 30<\/span><\/a>\u2014with five total major outages reported to date. At other times, the network has struggled to process transactions without going totally offline.<\/span>
Solana\u2019s developers, including the founding team at Solana Labs, have <\/span>rolled out a number of network upgrades<\/span><\/a> in recent months to try and stabilize the network. Additionally, Jump Crypto and the Solana Foundation are <\/span>developing a second validator client<\/span><\/a> to help keep the network upright, should the current validator software fail again in the future.<\/span>
On the <\/span>latest episode of <\/span>Decrypt<\/span><\/i>\u2019s gm podcast<\/span><\/a>, Solana co-founder Anatoly Yakovenko said that the outages are \u201cthe biggest challenge for us, and the number one priority.\u201d He described the second validator client, called Firedancer, as a \u201clong-term fix\u201d to aid in network stability.<\/span>
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