Solana plunged again today, breaking below $10 for the first time since February 2021.
The bull market intervened early on December 28 (GMT) at $9.66 and recovered to $10.20. At the time of writing, SOL was hovering near the psychological $10 at $10.02 again after falling below his $10 for the second time a few hours ago.
Since the demise of FTX, Solana has come under pressure due to the project’s close ties to disgraceful exchanges.
But hardcore believers remain optimistic in the face of adversity. for example, @Litecoin Yagami Tweeted:
“Solana has the biggest comeback story in cryptocurrency history. I can already see it. Stay strong.”
However, some are more bearish about the project’s prospects. @IvanOnTech, noted that SOL’s market capitalization has fallen to number 17 in recent weeks, trailing TRON and Shiba Inu. It also cited the developer exodus as a sign of worse things to come.
“Solana is now below Tron and even below SHIB
Sadly I think this is EOS 2.0
The Solana project may move to EVM L2 because developers don’t want to build on a dying infrastructure. “
Solana under pressure
Over the last 24 hours, Solana has lost 13%. The drop comes amid broader market declines, with only LUNC, LDO, and XCN dropping significantly in percentage terms.
2022 has been a tumultuous year for cryptocurrency prices, but Solana has suffered more than most, largely backed by former FTX CEO Sam Bankman-Fried.
Year-to-date, SOL has lost 94% of its value. Similarly, the token is down 96% from its ATH of $259.96 reached on November 6, 2021.
The plummeting token prices and plummeting developer and project declines point to a crisis of confidence in the ability of projects to recover from the impact of FTX.
but, @IvanOnTech He softened his earlier comment by saying that this is an opportunity for Solana to take on the challenge.With enough will and effort, Solana can turn things around.Dominating the next bull market against the odds“
Are developers leaving en masse?
December 16th, crypto slate Data from the Token Terminal aggregator reported that it showed a 90% drop in Solana developers.
According to the data, it peaked around January 2022 at around 2,500 developers. Since then, the number has dropped to just 75 today.
Critics have lashed out at the data, with some saying the numbers aren’t tied to an anecdotal explanation. says Solana.