Solana Price Spikes 36% Then Corrects - Can Network Support $16B Value With Centralization Concerns?
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Solana (SOL) price spiked 36% between Oct 30 - Nov 2 but has since corrected 10% down to $40. This questions whether growth supports $16B market cap.
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Bullish news like Breakpoint conference, Google Cloud integration, and protocol upgrades coincided with rally.
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However, metrics like plunging Total Value Locked, low DApp users, and reliance on 2 entities for validating highlight weaknesses.
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Critics point to centralization, need for KYC, and subsidized growth compared to networks like BNB Chain and Avalanche.
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On-chain activity does not seem to support recent SOL price surge, suggesting correction may continue.