Solana’s price came tumbling after the FTX liquidity crunch.
Alameda Research, a trading firm related to FTX, had reportedly invested heavily in the Solana ecosystem, so the steep price decline wasn’t based on fear, uncertainty, and doubt (FUD). The token has dropped by over 90% since its one-year high of $259.
According to CoinMarketCap, $SOL has seen a 2.09% increase over the past seven days following the partnership between a Web3 game called Degen Royale and Solana’s NFT project.
Solana is also known as the “Ethereum killer,” as its supporters see it as a faster and less expensive version of the Ethereum chain. It’s among the top ten cryptocurrencies on CoinMarketCap, with a market valuation of $5 billion.
Market indicators like the MACD have shown a bullish crossover for the asset, indicating that a price increase is imminent. Mario Nawfal, the CEO of the IBC Group, also discussed the fundamentals of Solana. He claims
that daily transactions on the chain are increasing and that the FTX collapse will only make the chain more decentralized. He believes the token will break through higher.
The crypto markets are generally bullish, with little gains in and out of the day. Bitcoin surpassed the $17,000 mark last Wednesday morning after hovering around that zone for two weeks. Ethereum reached the $1300 mark but is currently consolidating between the $1200 and $1300 range, according to data from CoinMarketCap.
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