After this news, the price of Solana has remained stable at $12.09 in the last 24 hours. Former FTX CEO Sam Bankman-Fried Enters FBI Custody and being extradited to the United States. It is down 14% in one week and 67% since the November crash of FTX, which has been a huge supporter of Solana and its ecosystem.
In fact, the collapse of the Exchange ultimately Millions wiped off the value of Solana’s DeFi ecosystemwith The Solana Foundation holds nearly $200 million in cryptocurrenciesWhen it fell on the exchange. And with the market largely suppressed, there is little chance of SOL enjoying a significant price rally in the coming weeks, even if its chances are slim.
Solana Price Estimates When Sam Bankman-Fried Comes into FBI Custody – Has SOL Bottomed Out?
Based on SOL’s charts, the altcoin bottomed out in early November, when FTX fell. However, it seems that its descent is not yet completely over, and that it may not yet rise again.
For example, SOL’s Relative Strength Index (purple) dropped to 25 in November, yet has remained very high between 30 and 40 since then. Similarly, its 30-day moving average (red) continues to slip below its longer-term 200-day average (blue), indicating it hasn’t turned a corner yet and could continue to decline in the near term .
As stated above, the decline of SOL over the past month and a half has been almost exclusively due to the collapse of FTX. This is because the exchange is of significant importance to Solana with the parent company. Alameda Research leads £314.2 million funding round in developer Solana Labs Last year.
Not only that, but Sam Bankman-Fried was instrumental in building DEX Serum on the Solana blockchain, an exchange that effectively collapsed after FTX went bankrupt (since its private keys were stored by FTX personnel). . This collapse badly knocked down Solana’s overall value, while Radium — another Solana-based DEX that benefited from Serum’s problems — was hacked this month.
All of this has a huge impact on Solana’s ecosystem and the cost of SOL. However, the argument could be made that things couldn’t really get any worse, and that Solana’s price could begin to correct more quickly in 2023, assuming broader market conditions.
There was talk of developers leaving Solana after the collapse of FTX, something that would seriously affect its prospects for recovery and rebuilding. That said, recent data has shown that development activity is still fairly stable.
A recent analysis by Messari suggests the same is true of its network health, showing that such key aspects of its network (such as validators and developers) have remained virtually stable despite the FTX bankruptcy.
As such, there is every reason to think that Solana may recover in the long term, as suggested by its recent NFT activity, which again shows no severe or irreversible decline.
Other Altcoins
While this may be good news for SOL holders, they may have to wait more than a few months for the altcoin to enjoy a substantial recovery rally. As such, more impatient traders may prefer to look elsewhere for quick profits, and one of the most promising areas for such profits is pre-selling.
Despite the bear market, Presales has had a great 2022. For example, Tamadoge (TAMA) up to 1,800% While Lucky Block (LBLOCK) and Battle Infinity (IBAT) saw so much growth after being listed on OKEx in October 6,000% And 3000% Compared to the initial pre-sale price of $0.00015 this year.
This shows how, given the right fundamentals, a new altcoin can rally big once its pre-sale is over and it is listed on exchanges. Accordingly, here are the three latest altcoins that promise to do something similar when they list in the new year.
Fightout (FGHT)
ethereum-based platform, to fight (FGHT) is a move-to-earn app that will reward users for engaging in a variety of workouts including boxing, weightlifting and yoga. It will also offer a range of in-app and IRL courses, with plans to launch 20 of its own branded gyms (in addition to affiliations with several pre-existing facilities) when it launches in Q2 2023.
Its token sale started last week Has already raised over $2.2 millionWith $1 you are currently buying 60.06 FGHT tokens.
Dash 2 Trade (D2T)
also running on ethereum, dash 2 business is a trading intelligence platform that will provide real-time analytics and social trading data when it launches in the first quarter of next year. Some of its features will include trading signals, on-chain analytics, strategy building tools and newsfeeds, all of which will help beginners and experienced traders stay ahead of the unpredictable cryptocurrency market.
its D2T token sale has raised over $10.4 million And is now in its final stage (and about to end in 15 days). It has also announced listings on BitMart, Changelly Pro and the LBANK exchange in early 2023, with the first listing taking place on January 11.
C+ charge (CCHg)
Coming at perhaps the right time in history, c+ charge (CCHG) is a peer-to-peer payment system for electric vehicle (EV) charging stations. Based on Binance Chain, it aims to widen access to carbon credits, with which it will reward users for charging their EVs at its terminals.
As a sign of how fast it can grow, the platform has already signed a deal with Perfect Solutions Turkey to add 20% of EV chargers in Turkey to its network. The price of 1 CCHG is currently $0.013, and can be bought using BNB or USDT.
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