3 key Solana metrics explain exactly why SOL price is down
Cointelegraph
Published Oct 19, 2022 02:21PM ET
Updated Oct 19, 2022 04:00PM ET
The past eighty days have been moderately bearish for cryptocurrencies as the altcoin market capitalization declined by 16%. The downside movement can be partially explained by the United States Federal Reserve’s quantitative tightening, rising interest rates and the halting of asset purchases. Although they are aimed at curbing inflationary pressure, the policy also increases borrowing costs for consumers and businesses.
The downfall of Solana’s SOL (SOL) token has been even more brutal, with the altcoin facing a 29% correction since August. The smart contract network focuses on low fees and speed, but the frequent outages highlight a centralization issue.
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Written By: Cointelegraph
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