Solana Buckles Under FTX Debris, Is Single-Digit SOL A Possibility?

Solana (SOL) was one of the hardest hit blockchains by the FTX collapse. Even now, more than a week after the initial bankruptcy, SOL continues to buckle under the weight of uncertainty left among its users and investors given Sam Bankman-Fried's (SBF) heavy involvement in the Solana blockchain.

Timeline of Solana

On Thursday morning, the world's biggest exchange, Binance, announced that deposits of USD Coin (USDC) and Tether (USDT) on the Solana blockchain “have been temporarily suspended until further notice,” causing the SOL token to test a low of $12.45. The move comes right after OKX, another crypto exchange,  announced that it will delist USDC and The post Just-In: Binance Resumes USDT (SOL) Shortly After De-listing From Platform appeared first on CoinGape.

The announcement from the largest crypto exchange by trading volume comes after rival OKX announced it will delist both USDC and USDT on Solana. The post Binance halts Solana-based USDC and USDT deposits, in line with rivals appeared first on The Block.

Crypto exchanges Binance and OKX announced temporary suspension of USDC (SOL) and USDT (SOL) deposits. “Deposits of USDC (SOL) and USDT (SOL) have been temporarily suspended until further notice.

Recent Solana price analysis has been bearish as the cryptocurrency has fallen below a key resistance level. The digital asset is currently trading at $14.24 and is down by 0.87 percent in the last 24 hours.

Solana‘s price was badly impacted by the recent FTX meltdown and dropped heavily from levels close to $40 to as low as $12. While many were perplexed because no direct link was visible to the naked eye, the details that emerged later astounded the entire crypto space.

The Solana price analysis is bullish today as the coin's price function is headed upwards for the third consecutive day, and we expect more upside to follow after a break above $14.63. as SOL is retesting $14.63 resistance after covering the range upwards since November 14, 2022.

The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a harder hit compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange. Here's a quick glance at SOL performance: Following the collapse of FTX, Solana lost almost 60% of its market value SOL has gone up by 2% over the last 24 hours, trading above the $14 marker Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million now “In the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,” Rust said.

The Solana Foundation claimed that the asset trapped on FTX was less than 1% of Solana's funds The Foundation also stated that all SOL tokens bought by Alameda had unlock schedules Ever since the FTX saga began, rumors have been rife around Solana.

The total value locked (TVL) in Solana (SOL) network's decentralized finance (DeFi) ecosystem stood at $330 million as of November 14 — signifying a drop of 96.75% from a peak of  $10.17 billion in December 2021, according to DeFiLlama data. The post Over $500M flew out of Solana in a week, DeFi TVL down 63% appeared first on CryptoSlate.

 The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice The lower timeframe structure flipped to bullish The bullish order block has seen two strong reactions within the past week Solana has been one of the largest market-cap assets that are not a stablecoin in