Solana’s (SOL) Fall from Grace – Project Analysis
Recently, the cryptocurrency environment has been receiving criticism from different corners since the collapse of FTX; similarly, Solana has experienced a similar downfall. However, due to the uncertainty, doubt, and fear instilled in investors’ minds, it is clear to say that Solana is yet to receive a bombshell.
SOL dropped by 51.14% since the collapse of FTX, one of the major crypto firms, and a history of the crash back of some initial coins such as Bitcoin and Ethereum. However, information from crypto experts reveals that Solana thrived due to FTX Co-Founder Mr. Bankman Fried and his money laundering schemes, with documents proving these allegations.
In addition to the major projects developed by Solana, including Solana pay and the near launch of its mobile phones, doubt still crowds the cryptosystem on how the crypto market will be in the future. This uncertainty raises concerns about whether the crypto market would follow a similar trend to the collapse of FTX.
Solana: Dead or Alive
Based on information issued by CoinGeko, an analytic firm, the coin appreciated by 5.4% in the past 24 hours, which might indicate investors to stop panicking and have hope in the process. However, speculations about its downfall remain strong regardless of its recent improvement.
Following these events makes it difficult to prove that Solana is dead or still alive, but it is important to note that the cryptos’ environment is crumbling down and might hit rock bottom soon; due to its affiliations to the collapse of major cryptocurrency firms.
These short-term risks play a key role in the influence of Solana’s future capability. Investors who still believe in Solana should be conscious of its drastic decrease in the past, its affiliation with Mr. Bankman, and the collapse of FTX, plus the fact that siphoned millions of dollars were from about 8,000 Solana wallets.
These events are major setbacks to investors’ loyalty to Solana and Cryptocurrencies. What remains to be believed is that Solana might see its rise to Grace again if the acceptance of cryptocurrencies increases, making it hit exclusive highs of up to 96.61 dollars by 2030. Investors are now taking advantage of purchasing the coin, hoping its value might appreciate in the following years.
