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

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.

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.

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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.”

The space, located in the heart of Wynwood, is one-of-a-kind.

We will never build another location quite like this in the United States.

Our goal is to place an Embassy in every country, as a safe haven and onboarding center for new and existing Web3 citizens alike. pic.twitter.com/BVeL8zSSf7

— Solana Spaces (@solanaspaces) October 20, 2022

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