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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Solana: This Minor Hiccup Didn’t Discourage Investors From Acquiring SOL – Until Today

Christian Encila
Christian Encila
2 years ago
2 mins read
Solana

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On the day following the implementation by the US Federal Reserve of the 50-basis point hike, Solana (SOL) saw accumulation rather than a sell-off, despite the altcoin’s 4% decline.

Prices for Bitcoin and Ethereum and other cryptocurrencies fell on December 14 as reports surfaced that the central bank raised its interest rates.

The situation is different now, though. CoinGecko reports that the token dropped another 5% today, with significant declines over the past week, biweekly, and monthly periods. SOL price is currently 135% lower than its intrinsic value.

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SOL Change In Public Opinion

The futures market for SOL coin indicates a positive investment rate from yesterday, confirming the optimistic tone of on-chain analytics. However, it soon turned negative, reflecting a change in public opinion regarding SOL.

Speculation may be to blame for the recent price increase of the altcoin and subsequent price drop, as is normal with most cryptos. The current support at $13.38 is important because the market is already factoring in the central bank’s interest rate hike.

Even if there is news of greater institutional interest in crypto and blockchain technology, the broader crypto market will be dragged down if big cryptocurrencies like BTC and ETH continue to suffer.

SOL total market cap at $4.9 billion | Chart: TradingView.com

Solana: Down But Not Finished

The crypto research firm Messari has recently published a comprehensive assessment of the Solana Ecosystem.

Positively, even though FTX and Solana are tightly intertwined because of Alameda, the ecosystem has continued to implement technical advancements centered on the key pillars of Solana, namely speed and scalability.

According to the overview, Solana’s DeFi space has been severely damaged. However, the environment is not dead. The study indicates that there are numerous applications on Solana, despite the fact that the TVL has decreased by a staggering 70% since the FTX disaster.

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In the first quarter of 2023, Helium will migrate all of its activities on Solana’s blockchain.

This is an extremely positive venture for both Helium and Solana, which might boost the price of HNT and SOL.

However, investors in SOL should be wary of short- and medium-term losses, as the rising correlation between the token and BTC and ETH could render Messari’s research bearish.

SOL investors anticipate greater long-term gains as the Solana Ecosystem evolves and as the market strives to recover from the catastrophe brought about by the implosion of FTX.

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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