Is Solana dead? SOL plummets amid tough market conditions

Solana has shed over 20% of its value in the last 24 hours, and over 60% from its monthly high of $38.55. The implosion of the crypto market, the FTX saga, and staking activity by validators this week appear to be its biggest motivators.

Timeline of Solana

A Solana (SOL) whale is struggling to stay afloat amid the current crypto market downstream that pulled SOL down 34% in one day. Colin Wu of Wu Blockchain tells his 237,100 Twitter followers that a Solana whale is in liquidation and currently has 2,450,418.5 SOL in collateral and 44,871,609 USD Coin (USDC) in debt.

Having been in the top-10 digital currencies for over a year, the massive hit to Solana's market cap has knocked Solana down to 15th place. Embattled FTX and Alameda Research founder Sam Bankman-Fried has strong ties with the blockchain, showing just how toxic his name has become in a mere matter of days.

Solana (SOL) has been one of the tokens hit by the FTX decline in the last few days. Given FTX's exposure to the token and the fact that they hold a sizable position, it has suffered a massive decline in tandem with the FTT token.

The domino effect of the rumors of the FTX carnage is playing out as the Solana ecosystem threatens to implode on the back of the crisis unfolding at FTX and Alameda Research.  According to CoinMarketCap, the SOL price had dropped to a low of $12.62.

SOL saw a 55% discount during this week's bearish onslaught More sell pressure might be on the way as over 47 million SOL is unstaked Solana's native cryptocurrency SOL has had an unexpectedly bearish week so far.

Solana price prediction remains negative, having broken below all significant support levels on all timeframes. Solana has dropped by almost 26% in the last 24 hours and nearly 50% in the last seven days.

Former Goldman Sachs executive Raoul Pal says one Ethereum (ETH) competitor is presenting one of the most golden opportunities for discounts during the current crypto market crash.

Solana's price could tank after validators unlock over 54 million SOL at the end of Epoch 370 on Nov. 10, 2022, at 8:30 a.m. UTC. The post Solana Spells Trouble as Over 54 Million SOL Get Unlocked appeared first on BeInCrypto.

Solana's co-founder, Anatoly Yakovenko stated on Twitter that, the company still has a lot of runways and is fortunate to have a small workforce because Solana Labs, a US corporation, didn't have any assets on FTX.com. But the market remains concerned that Alameda Research may sell huge SOL and other tokens in the Solana ecosystem.

Solana Labs COO Raj Gokal called FTX crisis a “crucible moment” for the Solana ecosystem. The post Solana Labs COO sees ‘crucible' moment' for ecosystem amid FTX crisis appeared first on The Block.