Solana's trading problems cause its market value to fall 5%
Recently Solana is facing some issues. About 75% of Solana transactions are not working properly. The problem started when people trading Meme coins on decentralized exchanges found that many of their transactions failed or had problems, especially when using the Raydium pool. This is not only happening to Meme coin traders, but regular Solana users are also experiencing issues when transferring funds, whether sent to other wallets or exchanges. These issues came as a surprise to Solana, which is usually known for its high throughput and stability. Now, these issues are affecting Solana's value in the market. As you can see from the price chart, Solana's price has dropped by 5%. One of the reasons behind this reaction could be related to traders' fears of another outage.Solana is now trading at $174.40 and it looks like the trading issues could be making people less confident in the network overall. The next important price to watch is $152.46, which is where the 50-day average price is located and possibly where the price stops falling. But if the price doesn't stop there, the price could fall further, possibly as low as $132 or $101. The timing of Solana's problems is especially bad with the entire crypto market underperforming right now. Those who own SOL or are considering purchasing it may be concerned about these issues.Solana's recent problems have given people second thoughts, and we can see that concern in the price of SOL. Hopefully the network can withstand the current stress and recover successfully.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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