Solana has had a significant decrease in popularity and value following the collapse of FTX and the ongoing bear market. There have been reports on social media about reduced development on Solana, but the Solana team has denied these claims and asserts that the project is stable. If this is true, it is good news for the Solana ecosystem.
During the week of the FTX collapse, the Solana team even announced the unblocking of 53 million tokens for a future date, which is not yet known. If this had happened, it is likely that the Solana price would have reached the lower single digits.
Solana still has the association with FTX and Alamada, and it may take some time to demonstrate that it can survive without them. Trust in the project has been shaken, and confidence has been further eroded by the involvement of Kevin O’Leary, a paid spokesman for FTX, in supporting Solana.
Despite this, the blockchain is still running and developments are continuing as normal, which may help the project prove itself in the long term. Today, Solana has experienced a significant decline of more than 11% in the past 24 hours, with a sudden drop since 11:45 EST. The cause of the drop is unknown, but there are rumors that Sam has been selling his tokens, leading to a significant decline in the Solana price. We have not yet been able to verify this information.
The price of Solana has dropped around $9, indicating a potential for further price decline.
I guess only time can tell if Solana will still have a chance or will follow the path of FTX.
The analysis is the opinion of the author and does not reflect the views of CNB. This content is not financial advice. Please do your own research before making any decisions.
