The cryptocurrency market has bled over the course of 2022, frequently losing $800 billion in market cap. The price of assets such as Bitcoin and Ethereum suffered from the market crash, losing more than 65% in value. However, it is one of the most damaged assets in the entire industry. wither (LEFT) happened. So what will be the trend in Solana?
Solana lost 94% of its value in 2022. SOL, which was valued at $172 at the beginning of the year, is currently trading at $10. It’s outperforming the rest of the market is the clearest indication that things are bad for the SOL.
As Koinfinans.com reported, while the Solana network is recording key developers and projects, things don’t seem to be getting better.
BitMEX crypto- Exchange co-founder Arthur Hayes slammed the project down by commenting on Solana. Hayes says Solana is almost a “shitcoin” (slang for assets that have no value). As a matter of fact, the network is in a position to attract the attention of investors if it somehow gets a place in the press.
Hayes stressed that “nothing goes up or down in a straight line.”
However, Solana price has lost 12% in the last 24 hours. Although the 24-hour trading volume reached $397 million with a massive 158% increase, the price remains negative. Despite all that has happened, SOL has a market value of over $3.6 billion.
How Is The Solana Community?
With the collapse of the FTX exchange, things took a turn for the worse for Solana. Network-wide problems are growing as the price has lost 73% in the last eight weeks. NFT projects, validators and critical developers are leaving the network. As a result, it is really difficult to make a clear decision whether the SOL will be able to put a stop to this bad course.