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SOL Price Down to 5-Month Lows, “Solana Embassy” Opens Doors for Public

Thu, 10/20/2022 - 22:10
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Wahid Pessarlay
SOL price drops to 5-month low levels while the ecosystem opens its “Embassy” in Miami
SOL Price Down to 5-Month Lows, “Solana Embassy” Opens Doors for Public
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According to data provided by CoinMarketCap (CMC), Solana's (SOL) price has plunged to a five-month low while “The Solana Embassy” opens doors for the public in Miami, Florida.

SOL — the ninth-largest cryptocurrency with a market cap of around $10 billion — is trading at $28.2 at the time of writing, down almost 5% in the past 24 hours, per CMC data. The last time Solana touched the $28 mark was in mid-June this year.

It’s not just the SOL price that’s been going down recently. Similarly, Solana’s non-fungible token (NFT) sales have been seeing a downward movement since Oct. 10, according to CryptoSlam data. The so-called “Ethereum Killer’s” NFT sales have dropped to roughly $1.5 million, a nine-month low level.

Solana NFT Sales Volume
Source: CryptoSlam

As previously reported by U.Today, Solana has been criticized for its persistent outages throughout the year. This rose a very negative sentiment toward the Solana ecosystem, Santiment data earlier this month.

Some good news after all

While the SOL price has been bad news for investors, Solana fans can now go to “The Solana Embassy” in Miami. According to a Thursday announcement, the new location will be “more than just a store,” featuring “a classroom, cultural center, lounge, nightclub, and store.”

Per the thread, Solana plans to build similar embassies in other countries as well. These locations can also be used for business meetings.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.