What is going on with SOL network

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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.

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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.

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.