The drama at Sam Bankman-Fried’s FTX has pushed virtually every coin in the market into the red. Bitcoin and Ethereum had quite a run, but there is really nothing left of that at the moment. Solana (SOL) is currently hit harder than the rest, losing about 60 percent of its share price in just under seven days.
What is going on?
Since the news of the problems at FTX, Solana has started an extreme price decline. In a last-ditch effort to save the project, the founders are now trying to bring some optimism back to the market. “We launched in 2020 after the market crashed due to the COVID-19 outbreak and the world went into lockdown. Surviving difficult times is in our DNA and we are going to get through this together,” said Solana founder Anatoly Yakovenko.
Just before the problems at FTX came to light, Solana was also experiencing a small rebound. Last weekend the Solana Breakpoint conference took place, at which some big announcements were made. As a result, Solana rose a bit, but that price gain has completely surrendered after the drama at FTX. In any case, the Solana community seems to want to keep its focus on the future.
Focus on the future
“This dramatic moment for the Solana ecosystem is just as severe as the previous crash. The difference is that this time there are 10 times as many of us as last time. During the next painful moment there will be 10 times more. Each time we become more powerful and the fundamental building blocks of the project become stronger,” said Raj Gokal.
Raj Gokal is also a Solana founder, so he’s trying to support the community with this. Since its all-time high, Solana has already lost 95 percent of its value. With the current rate of $14.20, you can hardly imagine that the rate was just over $260 recently. Let’s all hope that the misery will be over soon.