Will Solana (SOL) Recover From Losses Brought in By FTX’s Fall?
Solana took a deafening blow falling over 50% following FTX’s collapse in early November. But the market sentiment is looking hopeful as it sets to recover from losses. It’s to be seen what kind of recovery SOL will make.
The popular altcoin was trading at $13.95 after having gained 4.08% in the last 24 hours. It took the biggest hit like its fellow cryptocurrencies OXY, SRM, FTT, and MAPS when FTX fell. These coins were either created or backed by Sam Bankman-Fried, FTX, or Alameda Research.
According to on-chain stats by Solana compass, Alameda Research has a locked stake of 48,671,518 coins which make up 65.4% of the entire stake. These coins will work towards accruing rewards until they are unlocked from the stake. It should be noted that FTX supported the Solana ecosystem and FTX had built the Serum decentralized exchange on the Solana blockchain.
Now, with 2022 nearing an end, the Solana ecosystem has shown promise in terms of performance and scalability. The Solana network makes finality at 400 milliseconds with transaction costs of less than $0.01. It announced the Solana Mobile named Saga in June 2022. The new product will come with a Solana sApp store with zero fees on in-app purchases, subscriptions, and sales.