Solana Price dropping to single digits has sent its community to introspect the situation. Recent comments from Ethereum Co Founder, Vitalik Buterin have provided them some hope. However, the biggest question here remains ‘Can Solana make comeback from this crisis?’
Is Solana price to take a hit ahead?
Experts suggest that the Solana community is holding similar energy to the Ethereum had in the 2018-20 time period. However, it is difficult to see the investment case for Solana as it had some massive headwinds.
David Hoffman, co founder of Bankless stated that when Ethereum price dipped to $80, it didn’t have a big competitor then. However, ETH’s L2 metrics are up big throughout 2022. While its impact can be seen in the migration of L1 apps to ETH L2s.
Compared to the Solana price crash, Ethereum wasn’t directly connected with the largest fraud since Madoff. However, FTX and Alameda research collapse had a direct impact on the SOL price performance.
He suggested that Solana needs a social layer to cleanse. However, till the Solana community will be able to restart the engine a lot of damage would be done as the competition is very stiff in the crypto market.
What can help SOL now?
In the end, the fate of the Solana network completely depends on its builders. The 2018-20 bear market proved to be tough and it will take a lot of work to survive this cycle. However, the bullish thing for Solana is that the value of SOL now lies in the hands of its own people.
Hoffman added that the SOL price at $10 is a back to the truck moment and he added some when the price dropped to $9.
Earlier, Coingape reported that ARK Invest Ex crypto lead is still Going ‘LONG’ on Solana price. SOL has shed around 95% of its price value recorded on the year to date (YTD) basis.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.