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Solana Surges 14% but Concerns Remain

Solana started 2023 on a strong note, rising 14% in the previous twenty-four hours. A study of the 15-minute SOL chart revealed a notable absence of price movement till 07:00 (GMT) on the first business day of 2023. A tremendous 20% increase happened at this moment, causing the price to hit $12. Nevertheless, the following candle finished at $11.18, erasing over 50% of those advances.

Despite this, the price movement was adequate to place SOL as the second-largest gainer among the top 100, narrowly trailing Lido’s 14.6% gains during the same time. Following the FTX meltdown, Solana’s affiliation with the discredited cryptocurrency exchange and former CEO Sam Bankman-Fried placed it in the fire line (SBF).

FTX is believed to own 58 million SOL tokens and has been a major backer of the Solana environment via a variety of activities, including the creation of the Serum DEX. Peak-to-trough fluctuations throughout the upheaval totaled a 79% decline, with a regional low of $8.04 on December 29. Likewise, 2022 losses totaled -96%, concluding a disastrous year for SOL investors.

All through the FTX drama, the problem of VC influence, namely selfishness, and short-termism surfaced, putting a poor light on any ventures with substantial VC ownership. Lately, a number of influential figures and investors have expressed their support for Solana.

TheEliteCrypto cautioned that “the wild slide [in price] may not be ended yet,” but he agrees with Ethereum co-founder Vitalik Buterin that Solana’s prospects are promising.
Furthermore, @585.ETH shared a screenshot of NFT sales volume per blockchain, revealing that, in spite of recent difficulties, Solana has the greatest sales volume for non-fungibles, next only to Ethereum.

“Only a friendly reminder that aside from Ethereum and notwithstanding all the hullabaloo, Solana has much more NFT trading volume than all the other chains put together.”
The crucial turning point occurred on December 29 when Buterin tweeted his support for the troubled venture. The co-founder of Ethereum commended the Solana dev team and said that the network has a promising future now that VC involvement has been “washed away.”

Now that the horrible opportunists with money have been eliminated, the business has a promising future. Nevertheless, not everybody agrees, as @rovercrc tweeted, “SOL is the future EOS.”

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