SOLANA'S MARKET CAP LOSES $1 BILLION

Technical Analysis Solana

Technical analysis of Solana daily indicators on TradingView is mostly bearish, with a summary consistent with a 'strong sell' view at 16, while the moving averages stand for a 'strong sell' at 14. Elsewhere, oscillators recommend neutrality at 8.

Although the technical analysis doesn't look very optimistic, PricePredictions' machine learning-based algorithms forecast that Solana is likely to trade around $11.76 on January 1, 2023.

Solana's market cap loses $1 billion

No Ethereum Killer?

Elsewhere, prominent Ethereum co-founder Vitalik Buterin talked about a potentially rather bright future for Solana. After what many have dubbed “terrible opportunistic money people” were removed from the blockchain, Buterin stated that he also hopes the Solana community will have an opportunity to continue to thrive.

Is said:

Some smart people tell me that there is a serious community of smart developers in Solana, and that the chain has a bright future now that the terrible opportunistic money people have been washed away. It's hard for me to judge from the outside, but I hope the community gets a fair chance to thrive.

It appears that the asset's grand ambitions of becoming an "Ethereum killer" have now been finally dashed by the impact of FTX. Following the crypto exchange events, people's confidence in Solana's future has plummeted.

churn of developers

At the same time, the network is currently experiencing the departure of numerous projects and developers. Two of the most successful initiatives for creating non-fungible tokens (NFTs) on the Solana blockchain, DeGods and Y00ts, recently announced their intention to migrate to the Polygon (MATIC) ecosystem.

Token Terminal, a so-called data aggregator, published some interesting claims that the number of Solana developers will have dropped by as much as 90% by 2022. However, Solana has expressed doubts about the accuracy of the data.

So it remains to be seen if Solana will ever be able to recover from these serious events.

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