SOL price is down 94.8% over the past year, the altcoin is under extraordinary pressure while striving to recover from the real crisis after FTX’s collapse.
Solana is battling scrutiny from critics who argue that SOL price appreciation was driven by Bankman-Fried\u2019s marketing efforts. Solana network was championed by Samuel Bankman-Fried, the co-founder of FTX exchange and Alameda trading.
Solana lost nearly 95% of its value over the past year, after FTX collapse and bankruptcy. The Ethereum-alternative is struggling to hold steady after Samuel Bankman-Fried\u2019s FTX exchange suffered insolvency. Experts believe the Solana price rally relied on the marketing efforts of Samuel Bankman-Fried.
Solana, Ethereum\u2019s competitor, is struggling to survive the crypto bear market since FTX exchange\u2019s collapse. Since November 2022, SOL price has plummeted 30%. The crypto space is debating whether Solana can survive 2023 and recent events have raised questions about SOL\u2019s future prospects.
The Ethereum-killer network witnessed a steep decline in its price over the past month. Fear, uncertainty and doubt in the crypto space has accelerated and the recent departure of NFT projects and active developers from the Solana network triggered a bearish sentiment among SOL holders.
Competition from other Ethereum scaling solutions and the collapse of Solana\u2019s vocal supporter Samuel Bankman-Fried\u2019s firms FTX exchange and Alameda Research has seen FUD spike in the SOL holder space.
Skeptics in the crypto space argue that Bankman-Fried\u2019s market interventions and advocacy triggered a rally in Solana price and drove the token\u2019s appreciation. While SBF is under house arrest and facing charges, and FTX exchange is going through financial restructuring post its bankruptcy filing, SOL price dropped 96.4% from its all-time high of $259.96.
Anatoly Yakovenko, co-founder of Solana Labs Inc. said that he doesn\u2019t usually comment on price and his focus is on \u201cthe technology and having people build something awesome that\u2019s decentralized.\u201d
The collapse of FTX exchange had an impact on the Solana ecosystem and its founders. The price drop in the Ethereum-alternative was seen as an expression of waning confidence in the FTX ecosystem and the spreading contagion.
Yakovenko said that roughly 4% of the teams building projects on the Solana network were acutely affected by FTX\u2019s collapse. Some projects had funds custodied on the crypto exchange. About 80% of teams on Solana\u2019s blockchain had no exposure at all to FTX, and the team is working on connecting severely impacted founders with investors who could potentially provide emergency capital.<\/p>\n","protected":false},"excerpt":{"rendered":"
SOL price is down 94.8% over the past year, the altcoin is under extraordinary pressure while striving to recover from the real crisis after FTX’s collapse. Solana is battling scrutiny from critics who argue that SOL price appreciation was driven by Bankman-Fried\u2019s marketing efforts. Solana network was championed by Samuel Bankman-Fried, the co-founder of FTX …<\/p>\n","protected":false},"author":13,"featured_media":77335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6905,10111,8225],"class_list":["post-77695","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-ethereum","tag-ftx","tag-solana"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=77695"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77695\/revisions"}],"predecessor-version":[{"id":77702,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/77695\/revisions\/77702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/77335"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=77695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=77695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=77695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}