After the FTX crisis, this altcoin project became one of the most depreciated. Since the start of the crisis, the Solana ecosystem’s altcoin SOL has lost more than 50 percent. On the other hand, Ethereum fell by about 20 percent and Bitcoin by about 19 percent over the week.
FTX crisis hit the SOL the most
With all this, SOL has another problem. Investors appear to be gearing up for an increase in selling pressure with the release of SOL 80 million from staking contracts. The fact that the amount in question was not released to the market all of a sudden saved the situation from getting worse. Instead, the whales are likely to split the transaction evenly among several trading platforms.
As a result of the release of millions of SOLs, future selling pressure may inevitably increase. This caused individual investors to stay away from altcoins. Meanwhile, it is still unclear whether the significant volume of sales will be by a market participant or distributed among individual investors. Additionally, an increasing number of validators closed their positions after the release of 80 million SOLs. This means that as the altcoin degrades further, market tension will increase tremendously.
Will Solana start to recover?
The vast majority of investors are in a state of fear. It is also stated that 80 million altcoins entering the markets do not look good for the project and its investors. SOL is currently one of the biggest losers among the top 100 tokens on the weekly charts.
Difficult times for the Solana ecosystem. It is stated in the current table that the project does not give confidence. Also, the overall cryptocurrency markets fell to their lowest level in recent years. The recovery of this process caused by the FTX crisis will undoubtedly take a significant time. Moreover, we still do not know the number of companies and organizations exposed to FTX or FTT.
According to analysts, it seems impossible to say whether Solana will rebound. Also, according to crypto analysts, markets will likely go through another period of stagnant growth before positive moves happen. SOL, the altcoin of the Solana ecosystem, has dropped drastically after the FTX event. Currently, the altcoin continues to trade at $14.15, down 2.9 percent in the last 24 hours.
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