Solana took one other sharp fall at the moment, sinking beneath $10 for the primary time since February 2021.
Bulls stepped in at $9.66 within the early hours of Dec. 28 (GMT), resulting in a restoration that topped out at $10.20. As of press time, SOL was hovering near the psychological $10 stage as soon as extra, at $10.02 after dipping beneath $10 for a second time hours earlier than.
Because the FTX collapse, Solana has been beneath stress as a result of challenge’s shut ties with the disgraced alternate.
Nonetheless, hardcore believers proceed to be optimistic within the face of adversity. For instance, @LitecoinYagami tweeted:
“Solana can have the best comeback story in crypto historical past. I can see it already. Keep sturdy.”
Nonetheless, others are extra bearish concerning the challenge’s prospects, together with @IvanOnTech, who identified SOL’s market cap slid to seventeenth in current weeks — beneath TRON and Shiba Inu. Whereas additionally mentioning the developer exodus as an indication of worse to return.
“Solana is now beneath Tron and even SHIB
Sadly, I feel that is EOS 2.0
Devs don’t need to construct on a dying infrastructure, Solana initiatives seemingly migrate to EVM L2s.”
Solana beneath stress
During the last 24 hours, Solana dropped as a lot as 13%. The autumn comes amid wider market sell-offs, with solely LUNC, LDO, and XCN all the way down to a higher extent in proportion phrases.
2022 has been a tumultuous 12 months for crypto costs, however Solana, being closely backed by former FTX CEO Sam Bankman-Fried, has suffered worse than others.
Yr-to-date, SOL has misplaced 94% of its worth. Equally, the token is down 96% from its ATH of $259.96, achieved on Nov. 6, 2021.
Tumbling token worth and builders and initiatives leaping ship level to a disaster of confidence within the challenge’s skill to recuperate from the FTX fallout.
Nonetheless, @IvanOnTech tempered his earlier remark by saying this is a chance for Solana to rise to the problem. He added that with “sufficient will and work,” Solana can flip the state of affairs round to “dominate the subsequent bull market towards the percentages.”
Are builders leaving in droves?
On Dec. 16, CryptoSlate reported that information from the Token Terminal aggregator confirmed a 90% decline in Solana devs.
Based on the info, a peak of roughly 2,500 devs was reached round January 2022. This has since fallen to simply 75 at current.
Critics blasted the info, with some saying the numbers don’t tie up with anecdotal accounts. Equally, Solana mentioned as of November, “hundreds of devs” had been engaged on the chain.
