Solana's token price reached correction after a substantial 36.6% surge between October 30 to November 2. This led investors to question whether the current market capitalisation of $US16.9 billion aligns with the ecosystem's growth and network activity.

SOL has taken the centre stage in the past weeks, the first time since bottoming as low as $US8 apiece during the height of the FTX collapse in 2022.

Several factors coincided with the price peak of $US44.50 on November 2, such as the Solana Breakpoint 2023 global conference in Amsterdam and the testnet launch of Firedancer, aimed at improving speed and reliability for validators.

The Solana Foundation's announcement of the network dataset's availability on the Google Cloud BigQuery serverless data warehouse has also been received as a positive development.

However, challenges remain despite recent advancements. One concern is the decline in the Solana network's total value locked (TVL), which measures the funds deposited in its smart contracts. The metric began showing weaknesses in September and dropped to its lowest levels in over two years by November 5.

There is also ongoing controversy on the dominance of the Solana Foundation or Alameda in the network validator delegation, prompting concerns about centralisation and dissatisfaction among users.