What is going on with SOL network

368964a6-1b68-4850-9e02-8391cf1f740a

Written by

Kevin Lopez
Published on

November 29, 2022


Key points: 

  • Solana plummeted 60% in three days, falling from $34 to $14 in a week.
  • However, investors are hoping for an SOL comeback as the network is full of new developments.
  • Solana supports many projects on its network, including NFTs, Web 3 protocols, Metaverse, and play-to-earn games.
  • Due to its high transaction throughput, there are currently over 350 projects built on the Solana blockchain.
  • Solana remains on the positive side of the blockchain technology space. As more and more projects build on the network, the landscape of SOL will be shaped.

During the FTX-induced crash, Solana plummeted 60% in three days, falling from $34 to $14 in a week. Crypto was hit hard after reports that Alameda has a $1.2 billion SOL and could sell it to stay solvent. This created a domino effect of panic selling among investors, preventing the price of SOL from recovering.

Solana Sol Slump

Source: Coingecko.com

During a bear market, the damage to Solana remains unrecoverable because it has more chances to go south than north. However, investors are hoping for an SOL comeback as the network is full of new developments.

Is SOL making a comeback?

Solana supports many projects on its network, including NFTs, Web 3 protocols, Metaverse, and play-to-earn games. Well-known projects running on the Solana network include STEPN, Serum, and Star Atlas.

Due to its high transaction throughput, there are currently over 350 projects built on the Solana blockchain.

The Solana network has great use cases in the cryptocurrency and blockchain world to keep its supply sector alive. In the long run, only cryptocurrencies with real use cases will survive, while the rest may perish if they do not provide solutions.

Solana remains on the positive side of the blockchain technology space. As more and more projects build on the network, the landscape of SOL will be shaped.

While the FTX and Alameda fiascos dragged SOL lower, there are currently more positives than negatives for the cryptocurrency. Therefore, investing in SOL when it was at an all-time low could pay off for investors when the market recovers.

Cryptocurrency analyst InvestAnswers posted a video highlighting Solana’s network update and said, “Remember everybody, crypto is Darwinian. The question is, ‘Who will survive?’ The fittest always survive, and the fittest (equipped with) lower fees, the highest TPS will survive." So, in his view, Solana fits all the boxes and the cryptocurrency will survive and possibly recover from the current price drop.


From the blog

The latest industry news, interviews, technologies, and resources.

Comprehensive Btcman guide to show the perks and propositions of pragmatic play provider💲One of the most famouse in the casino gaming industry

Overview on slots, bonuses, software and features of Pragmatic Play

Comprehensive Btcman guide to swing trading crypto strategies, bots, taxes, platforms, and indicators for profiting from medium-term price moves.

Photo of Swing Trading Crypto ➤ Riding the Waves for Profit
View all posts