Solana (SOL), Price Correction Spirals, Will The Ethereum-Killer Survive In 2023?


Solana, despite the collapse of crypto exchange FTX being one of the most affected digital assets to date, remains so. The SOL price has fallen by another 8% since Wednesday, December 28th.
The SOL price has fallen below $10 in the wake of the recent price correction. Solana, once called the Ethereum-killer has seen a shocking 75% price correction in the last eight weeks.


The close association of Solana with FTX founder Sam Bankman Fried has raised major doubts about the cryptocurrency. The steady drop in SOL prices demonstrates the rapidly decreasing investor confidence in the Etheruem killer.
Anatoly Yakovenko (co-founder of Solana Labs Inc.) stated that he will not comment on the SOL price movements in an interview this month. He said that his focus should be on the technology and helping people create something amazing that’s decentralized.

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FTX had large amounts of SOL in reserve. The crypto exchange began selling large quantities of its SOL reserves as FTX, its native token, plummeted. This put pressure on its price. SBF was a close friend of Yakovenko, and often accompanied him at conferences and fire talks. Yakovenko commented on this:
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“I still have to reconcile what I perceive him as and what actually happened. It’s just really, really jarring.
Will Solana Survive in 2023?
Many market experts are starting to question whether Solana will survive the collapse in Solana’s price (SOL) over two months. Yokavenko explained that only 4% have been affected by the FTX crash.


He also stated that almost 80% of Solana-based teams have never been exposed to FTX. Yakovenko stated that there is more to Solana than FTX. Yakovenko also said that they are in touch to assist those affected projects with additional emergency capital.
Alameda and FTX’s venture arms had invested heavily in Solana-based projects over the past year. FTX US launched its first NFT marketplace for Solana last summer. Alameda Research has a large exposure to SOL. Yokanvenko stated that bankruptcy proceedings are progressing and that they don’t know what will happen to these holdings.
Raj Gokal, another co-founder, assured that there was no impact on security from things like the concentration SOL tokens on Alameda’s balance sheet.

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