{"id":514336,"date":"2022-12-31T13:40:10","date_gmt":"2022-12-31T18:40:10","guid":{"rendered":"https:\/\/wncen.com\/?p=514336"},"modified":"2023-03-08T07:26:29","modified_gmt":"2023-03-08T07:26:29","slug":"solana-continues-its-freefall","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-continues-its-freefall\/","title":{"rendered":"Solana Continues Its Freefall – Will The FUD Ever Stop?"},"content":{"rendered":"

Solana has been on a freefall since the collapse of FTX and has not been able to move upwards because of the FUD (fear, uncertainty and doubt) surrounding the ecosystem and its connections with the former crypto exchange. <\/span><\/p>\n

According to recent <\/span>news<\/span><\/a>, Solana\u2019s native token SOL has dropped 51.14% since the day FTX fell from grace.\u00a0<\/span><\/p>\n

Solana: Dead Or Not Dead?\u00a0<\/strong><\/h2>\n

The current situation might be confusing to investors. Based on data by <\/span>CoinGeko<\/span><\/a>, the token shot up by 5.4% in the past 24 hours which might be a signal that investor sentiment is reversing. However, the FUD still remains strong around the ecosystem itself.\u00a0<\/span><\/p>\n

Messari released an <\/span>overview<\/span><\/a> of the ecosystem back on December 15. The basic gist of the overview was that Solana is still a solid ecosystem even after the collapse of the Sam Bankman-Fried-led exchange. <\/span><\/p>\n

However, recent Santiment <\/span>insight<\/span><\/a> on the ecosystem shows that it might be already dead.\u00a0<\/span><\/p>\n

The most notable on-chain development for the token was the <\/span>significant drop<\/span><\/a> in developer activity despite a lot of projects being <\/span>developed<\/span><\/a> on the ecosystem. <\/span><\/p>\n

Although it is difficult to say whether Solana as a whole is dead or near it, it is easier to say that the ecosystem is struggling to keep itself afloat because of its close ties with FTX.\u00a0<\/span><\/p>\n

\"\"Image: Coincu News<\/pre>\n
What This Means For Holders Of SOL<\/strong><\/h2>\n
The crypto community seems to be very bearish at the moment considering what transpired in the past weeks courtesy of some major macroeconomics news, including the spate of job cuts and bankruptcies by big crypto firms.<\/span><\/p>\n
Those who are bullish for the ecosystem point to ETH\u2019s crash back in 2018 and how SOL\u2019s movement mimics this.\u00a0<\/span><\/p>\n
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For everyone that sold #ETH<\/a> in 2018 for 88 USD and for everyone who is selling $SOL<\/a> sub 10 USD!<\/p>\n
Fundamentals haven\u2019t changed and Solana isn\u2019t FTX!<\/p>\n
Just sayin! \ud83e\udee1 pic.twitter.com\/IBYzldEaBd<\/a><\/p>\n
\u2014 MANDO CT (@XMaximist) December 29, 2022<\/a><\/p><\/blockquote>\n
MANDO CT<\/span><\/a>, a self-declared crypto expert, said the above on his <\/span>pinned<\/span><\/a> tweet. <\/span><\/p>\n
Others try to <\/span>refute<\/span><\/a> the claim that Solana only blew up with the help of Bankman-Fried\u2019s dirty money with documents which show SBF supporting competitors of Solana.\u00a0<\/span><\/p>\n
SOL total market cap at $3.5 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
Related Reading: Is Polkadot (DOT) A Must-Have For Your 2023 Portfolio?<\/a><\/div>\n
However, SOL\u2019s price movement reflects investor sentiment on the token itself – fear, uncertainty, and doubt: <\/span><\/p>\n