After the FTX fallout, Solana (SOL) drops more than 90%.
FTX and its sister company Alameda Research are expected to have control over 50 million SOL.
The Community and Experts remain positive about the future of the Solana ecosystem.
FTX and his trading firm Alameda Research resulted in a significant loss for Solana's SOL token.
The worst-case situation is that SBF's Alameda Research has a huge proportion (approx 50 million SOL) of Solana ecosystem tokens.
The so-called Ethereum killer—Solana (SOL), which supports the rapid layer-1 blockchain, has dropped by double digits despite news that Google Cloud would begin hosting a Solana validator. As of now, SOL has dropped from $36.29 to $12.29. At the time of writing, Solana’s price was trading at $18.01, having dropped by more than 14% in the last 24 hours, as per CoinGabbar statistics.
However, the community remains optimistic about the Solana ecosystem and its native token SOL. Experts also believe that if the SOL price can recover from its present lows, the token will be able to break through the bearish captivity.
Why Experts & communities are highly optimistic about the Solana ecosystem?
Despite being one of the latest networks in comparison to Ethereum and Bitcoin, Solana has already established a reputation as a dependable, safe, and trustworthy platform.
One uniqueness that makes Solana better than others is the combination of proof-of-history and proof-of-stake consensus mechanisms which allows for speedy and cheap transaction processing. This improves the Solana platform's attractiveness, functionality, and usability for both users and developers.
Several prominent experts also predicted a bullish trend for the Solana ecosystem in the long run. Since Solana draws the interest of both the community and developers because of its use cases.
What’s Next for SOL?
Solana has grown in popularity in recent months due to its broad scalability and mining efficiency, prompting many to assume it will be the DeFi landscape's future leader. For the same reason, NFTs on SOL are becoming increasingly popular.
However, as Ethereum 2.0 comes through and fixes its speed and scalability issues, we expect Ethereum to regain momentum. Given that many DeFi ecosystems can co-exist in the future, we anticipate that the Solana blockchain will have its own group of supporters. As this fan base increases, SOL, its native token, will profit even more.
Do you believe Solana will rise again or fall further? Please share your thoughts in the comments section below.
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