Solana slides again – token down 96% from ATHs

Solana took different crisp autumn today, sinking beneath $10 for the archetypal clip since February 2021.

Bulls stepped successful astatine $9.66 successful the aboriginal hours of Dec. 28 (GMT), starring to a betterment that topped retired astatine $10.20. As of property time, SOL was hovering adjacent to the intelligence $10 level erstwhile more, astatine $10.02 aft dipping beneath $10 for a 2nd clip hours before.

Source: SOLUSD connected TradingView.com

Since the FTX collapse, Solana has been nether unit owed to the project’s adjacent ties with the disgraced exchange.

However, hardcore believers proceed to beryllium optimistic successful the look of adversity. For example, @LitecoinYagami tweeted:

“Solana volition person the top comeback communicative successful crypto history. I tin spot it already. Stay strong.”

However, others are much bearish astir the project’s prospects, including @IvanOnTech, who pointed retired SOL’s marketplace headdress slid to 17th successful caller weeks — beneath TRON and Shiba Inu. While besides mentioning the developer exodus arsenic a motion of worse to come.

“Solana is present beneath Tron and adjacent SHIB 

Sadly, I deliberation this is EOS 2.0

Devs don’t privation to physique connected a dying infrastructure, Solana projects apt migrate to EVM L2s.”

Solana nether pressure

Over the past 24 hours, Solana dropped arsenic overmuch arsenic 13%. The autumn comes amid wider marketplace sell-offs, with lone LUNC, LDO, and XCN down to a greater grade successful percent terms.

2022 has been a tumultuous twelvemonth for crypto prices, but Solana, being heavy backed by erstwhile FTX CEO Sam Bankman-Fried, has suffered worse than others.

Year-to-date, SOL has mislaid 94% of its value. Similarly, the token is down 96% from its ATH of $259.96, achieved connected Nov. 6, 2021.

Tumbling token terms and developers and projects jumping vessel constituent to a situation of assurance successful the project’s quality to retrieve from the FTX fallout.

However, @IvanOnTech tempered his erstwhile remark by saying this is an accidental for Solana to emergence to the challenge. He added that with “enough volition and work,” Solana tin crook the concern astir to “dominate the adjacent bull marketplace against the odds.”

Are developers leaving successful droves?

On Dec. 16, CryptoSlate reported that information from the Token Terminal aggregator showed a 90% diminution successful Solana devs.

According to the data, a highest of astir 2,500 devs was reached astir January 2022. This has since fallen to conscionable 75 astatine present.

Critics blasted the data, with immoderate saying the numbers bash not necktie up with anecdotal accounts. Similarly, Solana said arsenic of November, “thousands of devs” were moving connected the chain.

The station Solana slides again – token down 96% from ATHs appeared archetypal connected CryptoSlate.