{"id":513865,"date":"2022-12-27T08:51:19","date_gmt":"2022-12-27T13:51:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=513865"},"modified":"2023-03-08T07:26:22","modified_gmt":"2023-03-08T07:26:22","slug":"is-sol-about-to-crumble","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-sol-about-to-crumble\/","title":{"rendered":"Is SOL About To Crumble? Major NFT Projects Plan To Switch To Other Blockchains"},"content":{"rendered":"

In the preceding 24\u00a0hours, the sentiment of the cryptocurrency market as a whole was mixed, as the majority of top\u00a0cryptocurrencies experienced mixed price changes.<\/p>\n

Solana is in a difficult position, since two of the ecosystem’s most prominent NFT projects are abandoning its network for rivals.\u00a0 The outlook on the crypto remains bearish in 2022.<\/p>\n

On Monday, DeGods announced that the NFT collection will bridge to Ethereum in the first quarter of next year. The y00ts NFT collection, which is part of the same cohort, will move to Polygon.<\/p>\n

The official explanation for the transition to these blockchains has not been announced.<\/p>\n

Related Reading: VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas<\/a><\/div>\n
\"\"Image: The Crypto Times<\/pre>\n
What’s Going On With SOL?<\/h2>\n
Due to bearish signal readings and unfavorable news, the crypto’s price<\/a> could resume its freefall toward $10.<\/p>\n
Strong bearish momentum allowed the bears to push its price below the $12.00 threshold.<\/p>\n
As of writing, SOL was trading at $11.16<\/a>, down 6.5% in the last seven days, data from Coingecko shows. The crypto’s price has retreated by 23.15% since December 15.<\/p>\n
Nonetheless, the bulls established support at the level, which stabilized the price activity. Regardless, bearish pressure<\/a> persists as it continues to decline, although at a much slower rate.<\/p>\n
Concerns over the crypto’s exposure to the cryptocurrency exchange FTX increased as cryptocurrencies took a severe battering this year and its stock performance plummeted.<\/p>\n
\"Solana\"<\/p>\n
Image: Business2Community<\/pre>\n
Glory Days No More<\/h2>\n
SOL’s price<\/a> dropped by roughly 90% in 2022 after being a sparkling gem in 2021. It has fallen from a peak of $260 to its current price of $11.16.<\/p>\n
Solana established itself as a frontrunner in the rapidly growing field of decentralized finance (DeFi), a key application area for blockchain technology. In its zenith, DeFi’s total value locked (TVL) soared beyond $12 billion.<\/p>\n
Although Solana is regarded as the second-largest NFT ecosystem in the world, developers and projects are departing the network.<\/p>\n
According to data provided by DappRadar, the ecosystem’s NFT marketplace ranks fourth in terms of trade volume.<\/p>\n
The departure of DeGods and y00ts from the ecosystem is anticipated to drop the coin completely out of the top 10 in terms of sales volume.<\/p>\n
Related Reading: Why USDT Is Plunging While Other Stablecoins Are Not<\/a><\/div>\n
<\/p>\n
SOL total market cap at nearly $4.06 billion on the daily chart | Chart: TradingView.com<\/a><\/pre>\n
What Now ‘Ethereum Killer?’<\/h3>\n
There are speculations that both projects requested funding from the Solana foundation in order to continue on the blockchain, although this has not been proven.<\/p>\n
Solana is a blockchain platform that competes with Ethereum.<\/p>\n
The proof-of-stake<\/a> (PoS) system upon which it was founded is both quicker and less taxing on the environment than Ethereum’s.<\/p>\n
And while Ethereum can only process 20 transactions per second, Solana can process thousands.<\/p>\n
In the meantime, the price of SOL risks falling to the weekly and monthly lows of $11.00 and $10.90 respectively. If the “Ethereum Killer” breaks out of its downtrend and closes above the trendline, the bearish narrative\u00a0could be invalidated.<\/p>\n","protected":false},"excerpt":{"rendered":"
In the preceding 24\u00a0hours, the sentiment of the cryptocurrency market as a whole was mixed, as the majority of top\u00a0cryptocurrencies experienced mixed price changes. Solana is in a difficult position, since two of the ecosystem’s most prominent NFT projects are abandoning its network for rivals.\u00a0 The outlook on the crypto remains bearish in 2022. On Monday, DeGods announced that the NFT collection will bridge to Ethereum in the first quarter of next year. The y00ts NFT collection, which is part of the same cohort, will move to Polygon. The official explanation for the transition to these blockchains has not been announced. Related Reading: VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas Image: The Crypto Times What’s Going On With SOL? Due to bearish signal readings and unfavorable news, the crypto’s price could resume its freefall toward $10. Strong bearish momentum allowed the bears to push its price below the $12.00 threshold. As of writing, SOL was trading at $11.16, down 6.5% in the last seven days, data from Coingecko shows. The crypto’s price has retreated by 23.15% since December 15. Nonetheless, the bulls established support at the level, which stabilized the price activity. Regardless, bearish pressure persists as it continues to decline, although at a much slower rate. Concerns over the crypto’s exposure to the cryptocurrency exchange FTX increased as cryptocurrencies took a severe battering this year and its stock performance plummeted. Image: Business2Community Glory Days No More SOL’s price dropped by roughly 90% in 2022 after being a sparkling gem in 2021. It has fallen from a peak of $260 to its current price of $11.16. Solana established itself as a frontrunner in the rapidly growing field of decentralized finance (DeFi), a key application area for blockchain technology. In its zenith, DeFi’s total value locked (TVL) soared beyond $12 billion. Although Solana is regarded as the second-largest NFT ecosystem in the world, developers and projects are departing the network. According to data provided by DappRadar, the ecosystem’s NFT marketplace ranks fourth in terms of trade volume. The departure of DeGods and y00ts from the ecosystem is anticipated to drop the coin completely out of the top 10 in terms of sales volume. Related Reading: Why USDT Is Plunging While Other Stablecoins Are Not SOL total market cap at nearly $4.06 billion on the daily chart | Chart: TradingView.com What Now ‘Ethereum Killer?’ There are speculations that both projects requested funding from the Solana foundation in order to continue on the blockchain, although this has not been proven. Solana is a blockchain platform that competes with Ethereum. The proof-of-stake (PoS) system upon which it was founded is both quicker and less taxing on the environment than Ethereum’s. And while Ethereum can only process 20 transactions per second, Solana can process thousands. In the meantime, the price of SOL risks falling to the weekly and monthly lows of $11.00 and $10.90 respectively. If the “Ethereum Killer” breaks out of its downtrend and closes above the trendline, the bearish narrative\u00a0could be invalidated.<\/p>\n","protected":false},"author":557,"featured_media":513871,"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":[1020,6664,15446,15369,12837,83626],"class_list":["post-513865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-crypto","tag-ethereum-killer","tag-nft","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nIs SOL About To Crumble? Major NFT Projects Plan To Switch To Other Blockchains<\/title>\n<meta name=\"description\" content=\"In the preceding 24\u00a0hours, the sentiment of the cryptocurrency market as a whole was mixed, as the majority of top\u00a0cryptocurrencies experienced mixed\" \/>\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\/is-sol-about-to-crumble\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is SOL About To Crumble? 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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. 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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. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is SOL About To Crumble? 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