{"id":508695,"date":"2022-11-16T06:06:24","date_gmt":"2022-11-16T06:06:24","guid":{"rendered":"https:\/\/uniquehot.com\/?p=508695"},"modified":"2022-11-16T06:53:28","modified_gmt":"2022-11-16T06:53:28","slug":"solana-loses-60-of-its-market-value","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana-loses-60-of-its-market-value\/","title":{"rendered":"Solana Loses 60% Of Its Value After FTX Collapse &#8211; Can SOL Bounce Back This Week?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Solana (SOL) ecosystem, according to Laguna Labs Chief Executive Officer (CEO) Stefan Rust, took a <\/span><a href=\"https:\/\/www.reuters.com\/technology\/cryptoverse-so-long-solana-ether-rival-clobbered-by-ftx-crash-2022-11-15\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">harder hit<\/span><\/a><span style=\"font-weight: 400\"> compared to other major digital coins such as Bitcoin and Ethereum following the collapse of the FTX crypto exchange.<\/span><\/p>\n<p>Here&#8217;s a quick glance at SOL performance:<\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Following the collapse of FTX, Solana lost almost 60% of its market value<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">SOL has gone up by 2% over the last 24 hours, trading above the $14 marker<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Solana coins deposited on blockchain decreased sharply, from 68 million in June to just almost 25 million now<\/span><\/li>\n<\/ul>\n<blockquote><p><strong>\u201cIn the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,\u201d Rust said.<\/strong><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The CEO noted that the network\u2019s native token, SOL, dropped by nearly 60% since FTX collapsed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In comparison, Bitcoin fell by 19% and Ethereum went down by almost 20%. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Rust and other crypto players have reasons to believe that FTX and its trading firm Alameda Research sold large quantity of Solana crypto to mitigate its losses and stay afloat, <\/span><a href=\"https:\/\/uniquehot.com\/news\/tron\/trx-surges-over-600-following-justin-suns-deal-with-ftx\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">affecting the cryptocurrency<\/span><\/a><span style=\"font-weight: 400\"> and its trading price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Whether the altcoin can make a comeback during the next few days or not, it\u2019s anyone\u2019s guess up to this time especially that its technical indicators are considered underwhelming from the bulls\u2019 perspective.<\/span><\/p>\n<h2><b>How Solana Is Performing And Where It&#8217;s Headed<\/b><\/h2>\n<p><span style=\"font-weight: 400\">After dipping all the way down to $12.07, SOL mounted a recovery of its own, going up by 2% over the last 24 hours to trade at $14.21 at the time of this writing according to tracking from <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/solana\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Coingecko<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/chiliz-bulls-remain-watchful-as-chz-feeling-bearish-impulse\/\" target=\"_blank\" rel=\"noopener \">Chiliz Bulls Remain Watchful As CHZ Feeling Bearish Impulse<\/a><\/div>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-508698 size-jnews-featured-750\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/c1-1.png?resize=750%2C335\" alt=\"\" width=\"750\" height=\"335\"><span style=\"font-weight: 400\">Source: TradingView<\/span><\/pre>\n<p><span style=\"font-weight: 400\">Over the last seven days, the crypto asset\u2019s price action has twice indicated the <\/span><span style=\"font-weight: 400\">formation of a bullish block<\/span><span style=\"font-weight: 400\"> that was supposed to be an encouraging sign for its investors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The first was in November 10 when Solana swung between the narrow range of $18.3 and $12.35, establishing the mid-point of $15.33 as a crucial support and resistance zone.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The second instance was in November 14 when the altcoin ignored its lower timeframe bearish structure as it climbed all the way up to $14.43, flipping its bias to bullish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">With this, traders and investors looking to take profit should put their focus in the $13 to $13.25 region as an optimal entry point although it is not without risks as the asset continues to struggle right now.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Its Relative Strength Index (RSI) settled at the 50-55 score region, indicating that SOL volatility could easily ruin any plans for long trade set-up.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-498746 size-jnews-750x375\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/08\/Solana-1.png?resize=750%2C375\" alt=\"Solana\" width=\"750\" height=\"375\"><\/p>\n<pre style=\"text-align: center\">Image: Altcoin Buzz<\/pre>\n<h2><b>Investors And App Developers Leaving Solana<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In the aftermath of the FTX implosion and the negative effects it had on the crypto asset\u2019s ecosystem, app developers and investors appeared to have <\/span><a href=\"https:\/\/www.streetinsider.com\/Reuters\/Cryptoverse%3A+So+long%2C+Solana%3F+Ether+rival+clobbered+by+FTX+crash\/20851417.html\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">abandoned<\/span><\/a><span style=\"font-weight: 400\"> the sinking ship.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to data from DeFiLlama, the current number of Solana coins deposited in the blockchain that is widely used for decentralized finance applications stands at 24.74 million. The number is substantially lower than the 68.2 million tally that was recorded back in June.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In light of this development, co-founder Anatoly Yakovenko allayed the fears of investors, saying Solana Labs didn\u2019t have any assets deposited on FTX and as far as financial stability, under its current condition, it will be good for business for the next 30 months.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Raj Gokal, another co-founder of the company, also expressed his sentiments, saying this is a crucible for Solana which will make it even stronger in the future.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-consolidates-1300\/\" target=\"_blank\" rel=\"noopener \">Chainlink Suffers 40% Loss In Last 7 Days \u2013 Can LINK Regain $9 Mark This Week?<\/a><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/En8NBl8k\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">Crypto total market cap at $805 billion on the daily chart | Featured image from The New Daily, Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;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 \u201cIn the current crypto shakeout, the most unfortunate innocent victim is the Solana ecosystem,\u201d Rust said. The CEO noted that the network\u2019s native token, SOL, dropped by nearly 60% since FTX collapsed. In comparison, Bitcoin fell by 19% and Ethereum went down by almost 20%. Rust and other crypto players have reasons to believe that FTX and its trading firm Alameda Research sold large quantity of Solana crypto to mitigate its losses and stay afloat, affecting the cryptocurrency and its trading price. Whether the altcoin can make a comeback during the next few days or not, it\u2019s anyone\u2019s guess up to this time especially that its technical indicators are considered underwhelming from the bulls\u2019 perspective. How Solana Is Performing And Where It&#8217;s Headed After dipping all the way down to $12.07, SOL mounted a recovery of its own, going up by 2% over the last 24 hours to trade at $14.21 at the time of this writing according to tracking from Coingecko. Related Reading: Chiliz Bulls Remain Watchful As CHZ Feeling Bearish Impulse Source: TradingView Over the last seven days, the crypto asset\u2019s price action has twice indicated the formation of a bullish block that was supposed to be an encouraging sign for its investors. The first was in November 10 when Solana swung between the narrow range of $18.3 and $12.35, establishing the mid-point of $15.33 as a crucial support and resistance zone. The second instance was in November 14 when the altcoin ignored its lower timeframe bearish structure as it climbed all the way up to $14.43, flipping its bias to bullish. With this, traders and investors looking to take profit should put their focus in the $13 to $13.25 region as an optimal entry point although it is not without risks as the asset continues to struggle right now. Its Relative Strength Index (RSI) settled at the 50-55 score region, indicating that SOL volatility could easily ruin any plans for long trade set-up. Image: Altcoin Buzz Investors And App Developers Leaving Solana In the aftermath of the FTX implosion and the negative effects it had on the crypto asset\u2019s ecosystem, app developers and investors appeared to have abandoned the sinking ship. According to data from DeFiLlama, the current number of Solana coins deposited in the blockchain that is widely used for decentralized finance applications stands at 24.74 million. The number is substantially lower than the 68.2 million tally that was recorded back in June. In light of this development, co-founder Anatoly Yakovenko allayed the fears of investors, saying Solana Labs didn\u2019t have any assets deposited on FTX and as far as financial stability, under its current condition, it will be good for business for the next 30 months. Meanwhile, Raj Gokal, another co-founder of the company, also expressed his sentiments, saying this is a crucible for Solana which will make it even stronger in the future. Related Reading: Chainlink Suffers 40% Loss In Last 7 Days \u2013 Can LINK Regain $9 Mark This Week? Crypto total market cap at $805 billion on the daily chart | Featured image from The New Daily, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":508710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,7580,1144,12307,54512,8788,1946,8686,71704,12837,83626],"class_list":["post-508695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-blockhain","tag-btcusd","tag-crypto-exchange","tag-defi","tag-ecosystem","tag-ethereum","tag-ethusd","tag-ftx","tag-sol","tag-solana"],"acf":[],"yoast_head":"\n<title>Solana (SOL) Loses 60% Of Its Market Value After FTX Collapse<\/title>\n<meta name=\"description\" content=\"The Solana (SOL) ecosystem took a harder hit compared to other major digital currencies such as Bitcoin and Ethereum after the FTX crash.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/solana-loses-60-of-its-market-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana (SOL) Loses 60% Of Its Market Value After FTX Collapse\" \/>\n<meta property=\"og:description\" content=\"The Solana (SOL) ecosystem took a harder hit compared to other major digital currencies such as Bitcoin and Ethereum after the FTX crash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/solana-loses-60-of-its-market-value\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-16T06:06:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-16T06:53:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/11\/Solana.png\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"410\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Christian Encila\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Encila\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/solana-loses-60-of-its-market-value\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/solana-loses-60-of-its-market-value\/\"},\"author\":{\"name\":\"Christian Encila\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/a2d6e9b600c0ed5252bbfc4170c3dd80\"},\"headline\":\"Solana Loses 60% Of Its Value After FTX Collapse &#8211; 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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