I do not intend to sprinkle more fear into Solana right now, especially as I am also a holder of it, but the rise and fall of Solana is truly one for the history books. Back in 2021 SOL was seen as the next big thing and was even realistically seen as an “ETH killer“. SOL even had a parabolic rise right in the middle of BTC collapsing due to China FUD in May 2021.
But once the bear market came, just like everyone else Solane also had to collapse and that from a price of $250 to now just $18, truly a massive price crash, but this is not the only thing that went down:
Solane TVL chart from DefiLlama
TVL, Total Value Locked, shows the total value of all the assets that are on a network. It is often used as a metric to gauge the legitimacy of a Crypto. Here we can see an even worse collapse, from over $10B to now just $250M and we obviously can not forget the upcoming FTX liquidations that will likely happen over the years.
So yeah, I don't want to provoke people to sell all their SOL, but as much as we joke about it, in Crypto anything is possible we have already seen the craziest comebacks with BTC itself. So stay resilient and make sure to keep an eye out for latest news.
The fact that their network went down so many times in such a short time gave them a bad reputation
The headline makes it seem like all the brands are fleeing, but in reality the truth is a lot simpler.
$10B -> 250M is a 97.5% decrease
Solana’s price is almost 95% down from ATHs
So most of the drop can simply be explained by Solana’s fall in price. The $100 worth in $SOL is now worth $5 as compared to ATH levels.
Edit: Apparently the charts show that it is 300m not 250m, so the 10B -> 300M drop mirrors the fall in Sol’s price from ATH almost perfectly
My stop loss saved me in SOLANA. I don’t remember people using SOL network as much as they do on Polygon.
$10B to $250M, finally an equal opponent to my portfolio.
SOL hype is the only thing keeping it alive because it shutting down every week, lack of adoption, SEC calling it security has impacted ut really hard.
with this information of past history, Is this a buy signal or a sell signal?
Given the crash of the last 12 months, lots of Tokens are available at low prices, and use cases are improving, so Solana will be competing for mind space and cash
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This is probably the best time to buy
FTX is going to liquidate 50.5 million SOL.
This will likely be a series of OTC deals since the tokens have linear unlocks until 2028 (2 contracts). Less than 10 million are able to be sold now.
Almost as if we have been in a bubble
So SOL will go up ? 🤣
This is what happens in a bear market
Isn’t the TVL of everything down, we are in the bear market this is expected
Its trendy to hate on Solana, so I’ll give you guys some perspective. Even after solanas TVL crashed from 10b to 300m, it still has double the TVL of cardano. Why does no one mention that fact?
That is because liquidity is moving from alts into BTC. BTC dominance continues to rise
Bear markets just feel like a blackhole sometimes, this is one of a lot of examples out there, i wouldn’t take this as “solana is done for”, there is a lot to look forward to, i would not ignore Solana, if it survives this bear market it will be huge in the next one.
Solana pros & cons with related info are in the collapsed comments below.
Why does every crypto chart look exactly like this?
A shitcoin
Major F but realistically there is no need for many blockchains to divide Dapps, developers and funds between them when Ethereum does everything they do and more.
It is all due to bear market, people run away during bear and come in drove during bull which will come charging for sure! Then Sol will touch new ATH of $666
Pick any blockchain. Algo, eth, solana, cardano….who uses anything built on this shit
And still, number 9 on the chart.
I hold a bag, I’ll keep adding more and more – this is going to be huge. I easily see SOL hitting €500 early next year
It’d be $0 if the chain wasn’t down and people could withdraw their remaining $250M
Solona: We are out of reach at the moment ,we will come back soon
This post is poorly made with inaccurate information. Your own chart contradicts your statement and you are not taking into account the price of $SOL.
My guy has basically explained a bear market 😂 good grief!
Yet, it’s #10 in market cap.
I’m seriously considering adding some SOL to my portfolio during this bear market.
What are the thoughts on SOL around here? I wonder what people have to say about the downtimes it had over the past couple of years.
that’s a true collapse of epic proportions.
Every alt coin looks like this, and btc and eth aren’t far off. This post doesn’t exactly spread light on something we all already don’t know.
too many Hacks also happend on Solana Network
Wow. That’s what killing ETH looks like 💀
This isn’t a Solana specific issue. I could copy paste this for just about every coin
This post will be a prime example of inverse r/CryptoCurrency.
Mark my words and check this comment in 2 years.
Talk about misleading. Tvl is based in sol locked up so it’s tied to the asset price. A better representation would be if it was represented in sol not usd. Which paints a better picture and is now rising.
But it’s also worth noting it has the mcap/tvl of 13.81 which is considered low
https://defillama.com/chain/Solana?currency=SOL
It’s the reality for so much crypto
TVL is meaningless. SOL is still one of the most used chains specially for NFTs. And if you think NFTs are dead pfffff that’s what’s making me money in the bear.
And yet the network and adoption is better than it ever was. Don’t let the price fool you.
Visa adopted SOL for USDC settlements. Shopify uses SOL. Rndr network switched to Sol. Helium switched to Sol. This is the actual news not OP posting that TVL and SOL is down in a bear market.
The network stability and speeds have both improved. Bear markets have taken most alts down 90%+, but SOL is likely to outperform most cryptos in the next bull run.. especially those in the top 10.
Even the FTX SOL is locked up in a vesting schedule through 2028.
Crypto is a ponzi
I’m still kicking myself for not selling my sol when it was up like 700%. I’m a flaming 🔥 idiot and I deserve to be put in crypto jail or something
It’ll be hard for it to fully recover considering how new project are coming out everyday. People will rather invest in something new.
Solana is on a slippery path, they need to make some big partnerships and support devs to use their network if they want to survive.
It was pumped 100% by FTX…
SOL will absolutely never return to its old heights due to FTX.
Jesus thats looks like a graph of my portfolio
I don’t think anyone smart ever thought sol was an eth killer.
The decline of SOL TVL inversely correlates with the rise of ETH L2 TVL.
The conclusion is pretty obvious.
Devs are preferring ETH L2 to SOL.