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Solana has been facing some issues lately. About 75% of transactions on Solana are not happening as they should. It started when people trading coins on decentralized exchanges noticed that many of their transactions were failing or experiencing issues, especially when using Raydium pools.
However, this doesn’t just happen to coin traders. Regular Solana users also find it difficult to move their money, whether to send it to other wallets or to exchanges.
These issues come as a surprise for Solana, which is generally known for its high throughput and stability. But now these problems are affecting Solana's value in the market. When we look at the price chart, we can see that the price of Solana has fallen by 5%. One reason for this reaction could be that traders are afraid of another outage.
Solana's price is now $174.40, and it appears that issues with transactions could make people less confident in the network in general. The next important price to watch is $152.46. This is where the 50-day average price is, and it's a place where the price could stop falling. But if it doesn't stop there, the price could drop even further, perhaps to $132 or $101.
While the entire crypto market isn't doing great right now, the issues with Solana are very bad timing. People who have money in SOL or are considering purchasing it are likely concerned about these issues.
Recent issues with Solana are making people think twice, and we can see this concern showing up in the price of SOL. Hopefully, the network will withstand the current pressure and recover successfully.