The SOL collapses under the feet of the Solana network

The current period is one that the remaining crypto-investors will be able to look back on in a few months with a proud, but strained, “I was there.” But for the moment the trend is more toward a mixture of panic and shock. Because the Binance platform has officially decided not to take over its rival FTX. As a result, all projects that were closely related to it will continue to collapse. Y the Solana network is no exception to this loss of contact with the SUN..

The rule is simple in times of widespread cryptocurrency market crash. The pain is always greater for projects located closer to the epicenter. And in this case it is undoubtedly the cataclysm initiated by the unannounced bankruptcy of the FTX platform. The Solana network is in a very bad situation after the collapse of its SOL cryptocurrency. And it is clear that it is not its performance of late that will help it recover….

Solana – The ground crumbles beneath your feet.

All of the above, Solana blockchain can be seen as a hybrid version of what the Binance smart chain – now BNB chain – was for Binance. That is to say. a sort of DeFi network backed by a centralized platform.with very tight connections. This is despite the fact that Sam Bankman-Fried quickly stopped peddling its merits on Twitter when he chronic problems appeared. With successive closures that somewhat undermined his position as a self-proclaimed leader of Ethereum Killers.

But the market does not forget partnerships, even if they are not so highly praised. That is why the SOL cryptocurrency is undergoing a major correction by investors.. For it is – apart from the moribund ITF (-90%) – the one that is registering the most painful decline in this period of great crisis. With a price simply divided by more than 2 in the last few daysThe price is down from $37 at the end of the weekend to just $16.7 at the time of writing. This follows a timid return to the upside that has allowed it to leave the $11.50 area it had quickly visited twice. But for how long?

Solana – Troop motivation campaign.

A crisis situation that the founders and promoters of the Solana network try to contain. With the participation ofAnatoly Yakovenkowho initiated this project. The latter hoped to motivate the troops by tweeting that “Solana builders are incomparable, and the projects they build can often only be built in Solana.” Translation: please don’t run away…. But also another co-founder, Raj Gokalwho explains that the current situation will make the Solana network “even stronger”.

” This melting pot moment for the Solana ecosystem is as tough as the last one. the difference is that this time, there are 10 times more of us coming together. Next time, there will be 10 times more. and each time, we are stronger. the fundamentals are better. the same goes for crypto in general.”

Raj Gokal

But this is not enough. Therefore, Anatoly Yakovenko would also like to point out that. Solana Labs’ structure does not have any exposure to the FTX platform. But also that this company’s funds are held in dollars. Because it says it “learned (its) lessons in 2018.” The problem? A significant amount of SOL cryptocurrencies (over 56 million units) are about to be “released”. And in case of market spillover, the consequences could be even worse.