Solana Plummets 10% as FTX Problems Persist: What's Happening?
Solana (SOL) has experienced another significant downturn, plummeting approximately 10% recently. This price decline follows rejection at the $185 level and is largely attributed to the ongoing fallout from the FTX collapse and fears surrounding the potential liquidation of FTX's substantial Solana holdings.
Investors fear that FTX's $1.16 billion liquidation of Solana and other SOL-related crypto assets will crash its value. However, the bankruptcy court has to approve or deny this liquidation plan, adding uncertainty to the market.
The FTX Connection and Solana's Price Woes
The Solana Foundation has also seen the value of its SOL token plummet by over 50% since the initial FTX crisis. The deep connection between FTX and the Solana ecosystem has made SOL particularly vulnerable to the contagion effects.
Developer Exodus Raises Concerns
Adding to Solana's challenges, a massive exodus by developers from the Solana blockchain network reflects a pathway to failure. Some sources even claim that in 2025 alone, over 90% of Solana developers have left, though this number has not been independently verified. The departure of key development talent is a major cause for concern and signals potential difficulties in maintaining and improving the network.
Solana Network Updates Untethered by Price Action?
Interestingly, despite the price volatility, the Solana network continues to undergo updates. Right after the collapse of FTX, the Solana network rolled out a snapshot of the state of the network. They reportedly...
While these updates demonstrate continued activity within the Solana ecosystem, their impact on the immediate price action remains limited.
Will Solana Recover?
The future of Solana remains uncertain. The approval or rejection of FTX's liquidation plan, the continued developer activity on the network, and overall market sentiment will all play a critical role in determining Solana's long-term trajectory. Investors are advised to exercise caution and conduct thorough research before making any investment decisions related to SOL.
Hace 1 día Solana Plummets 10% After Price Rejection.
Recently, two of 12 de sept. de 2025