Decentralized finance token wither (SOL) was one of the biggest losers of the 2022 bear market. With the collapse of the FTX exchange, the decline in price accelerated.
Having managed to regain the interest of investors, SOL is trying to improve the trend. Solana managed to increase its market value of $ 3.26 billion, which was recorded on December 30, by $ 1.59 billion. As a result, its market cap is now $4.85 billion.
Popular Name Scared: This Altcoin Is Dead, Run!
Ben Armstrong, known by the alias BitBoy, wither commented on the problems in blockchain. Here is the popular name’s views on SOL and its future.
As a matter of fact, market cap on the weekly chart peaked at $5.16 billion on January 4, according to CoinMarketCap data.
LEFT pricemanaged to take advantage of selling pressure to regain key support levels. SOL is currently trading at $13.09 and is up 43% compared to last week.
Solana and FTX Concerns Continue
Concerns about the sustainability of the ecosystem arose after her relationship with FTX and its founder, Sam Bankman-Fried (SBF). As a result, Solana fell as low as $8.
As the accusations increased, developers and important projects started to leave the network. Managers say it is right to focus on network activity rather than such details. As a matter of fact, frequent interruptions in the network mean a problem in this respect.
Amid the concerns, Solana co-founder Raj Gokal shared his future plans for the platform, noting that there is a lot of activity around Tier-1 blockchains.
The most important factor affecting the rise in the network and therefore the Solana price BONK seems to have happened.