Solana's (SOL) Unpredictable Future After The FTX Fallout

✍️ 20 December, 2023 - 14:54 👤 Editor: Jakub Motyka

• Solana (SOL), a cryptocurrency associated with fallen crypto mogul Sam Bankman-Fried, saw a significant decline on Wednesday due to concerns that large holders may be planning to sell off the token.
• The drop in value of Solana, through its cryptocurrency SOL, was as much as 12% on Wednesday and was trading 8.8% lower.
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Solana (SOL), a cryptocurrency associated with fallen crypto mogul Sam Bankman-Fried, saw a significant decline on Wednesday due to concerns that large holders may be planning to sell off the token. The drop in value was reportedly fueled by uncertainty about the future of the cryptocurrency.

Solana, through its cryptocurrency SOL, saw a significant drop in value on Wednesday, with a decline of up to 12%. As of 8:40 a.m. in London, it was trading 8.8% lower. Other tokens, including Ethereum (ETH) and Bitcoin (BTC), also saw modest declines, with ETH slipping 1.3% and BTC down 0.3%.

Horrible 2022 For The Solana (SOL) Crypto

Solana (SOL) has suffered a significant decline in value in 2022, losing 94% of its value. This decline has been attributed to the bankruptcies of Bankman-Fried's crypto exchange, FTX, and his hedge fund, Alameda Research, both of which had supported the token. Other altcoins have also experienced steep declines this year, but Solana has been particularly impacted by these events.

DeGods and Y00ts, two major nonfungible token projects on the Solana blockchain, are reportedly leaving the ecosystem and moving to the Polygon ecosystem, according to CoinDesk. These projects were among the top projects on the Solana blockchain. The migration may have implications for the Solana ecosystem and could potentially contribute to the decline in the cryptocurrency's value.

What Will Happen With Solana (SOL) In The Near Future

Solana's crypto value is currently struggling and is trading below the $12 level against the US Dollar. It appears to be facing difficulties in the market and may need to overcome certain challenges in order to recover. Keep an eye on the performance of Sol and consider potential factors that may be impacting its value.

If SOL is unable to break through the $10.55 resistance level, it could continue to decline. There is initial support for the cryptocurrency at the $9.65 level, but if that is not reached, it could continue to fall. Keep an eye on SOL as it navigates the market and consider potential support levels.

With this in mind, the Solana (SOL) price prediction for 2025 makes no sense at this moment.

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