Can Solana rise again?

[gunhell16]

In this topic we will study a blockchain project that is greatly affected by the fall of FTX which is none other than Solana(SOL), So now let's find out the connection of Solana with Sam Bankman Fried in Ftx ventures, how big their holdings in Solana tokens. Most people here probably know that FTX is one of the early investors of this Solana project. So many are afraid that Solana may fall in value like the FTT token.

Do you think there is a high chance that Solana will be like what happened in FTX or is there any hope to recover?

But before all that, let others know what Solana is. It is one of the well-known layer1 smart contract blockchains in the market, which is one of what they say is an Ethereum killer. There is a large decentralized ecosystem that is now facing a major problem due to the collapse of FTX. The Solana Foundation released an article on how much exposure they have to FTX, and this is the fund they got stuck in FTX.

- 3.24m shares of ftx trading LTD common stocks
- 3.43m Ftt tokens
- 134.54m SRM tokens

So, 3 days ago if I'm not mistaken, the SRM token was pumped worth 40M$ and the FTT token was at 5M$ apart from the shares of ftx trading ltd, in short, they have 45M$ stuck.

Now if we look at the transaction of FTX Alameda in Solana foundation since 2020 after the mainnet beta launched there is ftx available with a total of 58,086,686 SOL in Alameda. Because some are unlocked on a linear monthly basis and others will be unlocked in 2025 and 2028.

And because of the chapter 11 bankruptcy file of ftx in Alameda, we don't know yet what will be done with these assets, whether they will be returned to investors or customers or whether they will be included in the market after dump before unlocking and it has no impact on the market today.Referrence : https://solana.com/news/solana-facts-ftx-bankruptcy
Referrence : https://cryptoslate.com/solana-foundation-reveals-minimal-exposure-to-ftx/
And to make the story long short, the Solana community and Serum developers decided to fork Serum which is what is happening now, proving that Ftx has no connection with Serum. Because the potential of the project is a waste if it is only pulled by the collapse of FTX.

In addition to that, there are many projects under Solana that have exposure to FTX, but not all of them. So if any of you here are users of Solana, try to double-check the dex you are using here for the exposure in Ftx.
Referrence: About Serum - https://www.projectserum.com/
Referrence: https://portal.projectserum.com/
Referrence: https://www.coindesk.com/business/2022/11/12/ftx-hack-spooks-solana-defi-community-igniting-revolution-at-alameda-controlled-serum-dex/
Referrence: https://coinculture.com/au/tech/solana-liquidity-hub-serum-to-be-forked-after-ftx-hack/

Final Thoughts

Now let's look at the reasons why Solana will live, but is there a chance for Solana to recover? The answer is yes first,

1. Its Ecosystem with one of the largest smart contract base applications in the market. There are many dapps and not all of them are connected to Ftx. even the Serum made by SBF can live without him because Solana's community and developers can handle it.
2. They no longer have a connection with SBF so it can no longer be called a BC chain. Then there is their Founder. But in the world of crypto, as long as the community and developers are there, Solana is still complete and they were only really affected by FTX because their name was attached to SBF.

We should also note that FTX is a centralized exchange. Solana is not, but a layer1 decentralized Ethereum blockchain. So, when it comes to this case they are very different. FTT tokens have no demand outside of the FTX platform. Solana is used in decentralized applications, NFT, and Defi.

So as long as someone believes in the blockchain, as long as there is a community and developers and there is demand, it is certain that the project can develop especially if its fundamentals are good. Besides, Solana didn't do anything bad to people, it seems its just felt sorry for Ftx. That's why I don't believe that the price will go down to zero, yes it can go down or fall but that doesn't mean it won't recover. As long as the team is there and making a progress on their projects it will thrive for sure. This is just my only opinion and not a piece of financial advice.

God bless you all and Hopefully, we learn a little bit of something about this topic anyway...

[GreatArkansas]

For me, it was normal that Solana experienced a huge dump because yeah FTX exchange is a big backer of Solana, and Solana for FTX exchange is like a BNB of Binance or CRO of Crypto.com
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.

[Dave1]

For me, it was normal that Solana experienced a huge dump because yeah FTX exchange is a big backer of Solana, and Solana for FTX exchange is like a BNB of Binance or CRO of Crypto.com
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.

Yes, it could be very different scenario for Solana, but still though, they have been drag in this issues that it might take sometime for them to recovery (that is if they can bounce back).

So for me personally, this is not a financial advise, but I will stir clear of Solana for the meantime, until everything settles down a bit as the market is clearly very crazy because of this FTX collapse and everyone is very edgy on it's feet.

[cryptoaddictchie]

With affiliation to FTX pretty sure there will be panic selling on traders and some of the big investors of their private sale shares. See the price of sol, almost near with avalanche. Only the difference is the volume which I think will change in positioning when solana continue to fall. Many are still uses solana due to effectivity on nfts. But with the impqct of FTX, no one will be spare on massive dumps that anything connected to FTX.

[DeathAngel]

Solana can & probably will recover & reach new highs in a few years. I know it’s had a few outages but at one stage it was touted as an ETH killer, a real competitor & maybe successor to Vitalik’s beast. If you hold Solana then I advise you to stay strong & don’t listen to the FUD, maybe even add to your position if you’re able to.

We are in a widespread macro economic recession bear market. Everything is down except inflation
Stay strong, keep your conviction because Solana & crypto in general will moon.

[rhomelmabini]

Imagine if it goes to the $3 buyzone of SBF, it could hit harder in the defi space and other space for Solana and it may instill fear onto the market. Moreover, they still has huge treasury and I think failing isn't on the mind of Solana founders, has huge community as well as developers developing in it, can handle huge TPS as an L1 and many more, maybe NFT community too.

[tbct_mt2]

Imagine if it goes to the $3 buyzone of SBF, it could hit harder in the defi space and other space for Solana and it may instill fear onto the market. Moreover, they still has huge treasury and I think failing isn't on the mind of Solana founders, has huge community as well as developers developing in it, can handle huge TPS as an L1 and many more, maybe NFT community too.

We can take the buy zone of SBF to consider a bottom for $SOL but Solana is not FTX and FTT token that are more connected to SBF and Alameda.

Solana is a different project and if their developers can resolve its technical drawbacks and if it can survive in this bear market which might last one more year, Solana will be able to rise again in a new bull run.

When a new bull run begins? It will be warmed up in late 2023 and will take off in 2024, maybe in Q2 2024. One more year to know about future of Solana and please keep it away from SBF and FTX.

[ultrloa]

For me, it was normal that Solana experienced a huge dump because yeah FTX exchange is a big backer of Solana, and Solana for FTX exchange is like a BNB of Binance or CRO of Crypto.com
So for me, now that FTX exchange already filed bankruptcy and Alameda too. Solana is still here because it's not the same on what happened on Luna Ecosystem which it is direct issue with the project, Solana is different.

Yes, it could be very different scenario for Solana, but still though, they have been drag in this issues that it might take sometime for them to recovery (that is if they can bounce back).

So for me personally, this is not a financial advise, but I will stir clear of Solana for the meantime, until everything settles down a bit as the market is clearly very crazy because of this FTX collapse and everyone is very edgy on it's feet.

Maybe their relation creates some panic to their investors but since SOL is still alive and kicking for sure it still have possibilities that it will rise up. This one is still place in top alts so for sure FTX controversy will be nothing once great recovery will happen(bull run) since for sure many people will forget about those issues.

For now maybe the holders of SOL decrease but once it is slowly recovering for sure those past holders will comeback to get some profits for holding or investing back again.

[Sayeds56]

Yes! It is possible in the long term but not in the mid to short term, the current circumstances of market and lack of any competitive advantage doesn't favor its quick price recovery. The slump we see in SOLANA is mainly spillover effect of FTX because of its close affiliation. The wounds market got from FTX collapse will continue bleeding for sometime until some macro level good news starts healing it.

 

[rhomelmabini]

Imagine if it goes to the $3 buyzone of SBF, it could hit harder in the defi space and other space for Solana and it may instill fear onto the market. Moreover, they still has huge treasury and I think failing isn't on the mind of Solana founders, has huge community as well as developers developing in it, can handle huge TPS as an L1 and many more, maybe NFT community too.

We can take the buy zone of SBF to consider a bottom for $SOL but Solana is not FTX and FTT token that are more connected to SBF and Alameda.

Solana is a different project and if their developers can resolve its technical drawbacks and if it can survive in this bear market which might last one more year, Solana will be able to rise again in a new bull run.

When a new bull run begins? It will be warmed up in late 2023 and will take off in 2024, maybe in Q2 2024. One more year to know about future of Solana and please keep it away from SBF and FTX.

Yes, I totally understand that, it's just for an instance in the worst-case scenario and everything is possible when the market is fearful. We don't really know when will the market recover but as I've said, Solana will surely live. SBF and FTX are surely out of the picture here but with the drama they created, it will surely have a bad imprint in the space.

[BIT-BENDER]

I think Solana still have hope. Infact some Crypto-currency enthusiast I respect so much are seeing this as an opportunity, well don't get your guard down make sure you do your own research. I think Solana what greatly involved in FTX exchange and what is experiencing right now is a mixture of the already poor market and the events unfolding on FTX exchange.

I think Solana has a large community and since it's not an official coin of the FTX exchange it can definitely bounce back, generally coins in the crypto space now aren't having the best of times.

[Jating]

I think Solana still have hope. Infact some Crypto-currency enthusiast I respect so much are seeing this as an opportunity, well don't get your guard down make sure you do your own research. I think Solana what greatly involved in FTX exchange and what is experiencing right now is a mixture of the already poor market and the events unfolding on FTX exchange.

Well that's what everyone is saying, or at least the people behind involved in a project that goes down. The thing with Solana is that there have been a lot of negative news, like Hacks and then the whole FTX in which their name is being drag.

I think Solana has a large community and since it's not an official coin of the FTX exchange it can definitely bounce back, generally coins in the crypto space now aren't having the best of times.

And that big community as well will tilt the balance in the other side if they see that Solana is a big risk to put their money right now.

[crzy]

Yes! It is possible in the long term but not in the mid to short term, the current circumstances of market and lack of any competitive advantage doesn't favor its quick price recovery. The slump we see in SOLANA is mainly spillover effect of FTX because of its close affiliation. The wounds market got from FTX collapse will continue bleeding for sometime until some macro level good news starts healing it.

They need to make a good improvements and prove that they will not ended up with the same faith of FTX.
SOL can still rise but for now they have to suffer since the market are still down and there’s still a lot of FUD because of the FTX issues. If SOL will focus more on the security and good updates, many investors will trust them again and that’s a good sign of recovery, this will take time.

[serjent05]

Solana needs to tackle and solve the problem of its security.  Leaving it as that will only lose the confidence of the crypto investors.  About FTX, it is really regretful to have one of the supporting company to get bankrupt, though I do not think that the SOL held by FTX will be in circulation soon because as far as I know, their funds are somehow frozen, there is no immediate dump for FTX of its  Solana holdings.

They need to make a good improvements and prove that they will not ended up with the same faith of FTX.
SOL can still rise but for now they have to suffer since the market are still down and there’s still a lot of FUD because of the FTX issues. If SOL will focus more on the security and good updates, many investors will trust them again and that’s a good sign of recovery, this will take time.

I agree, Solana needs to deliver and fix their security issue.  I think it is the major one that is holding Solana back.  Solana had already a huge community, the Dev just need good news and update in order for Solana market to recover.

[o48o]

I honestly think that their exposure to ftx was a minor issue that's affecting only to price and not Solana fundamentals (Unless something new gets revealed about their illegal price manipulation tactics or something).

But unfortunately fundamentals alone are enough for keeping it down. Vulnerabilities in a multi-billion marketcap project on which the whole essence should be about security is just fatal blow for getting any serious reputation. In fact that turns down so many institutional and serious players i can't see a way out for sol. It doesn't matter if SOL fanboys still see a change if everything is fixed when the reputation is tainted.

[Tony116]

Not only Solana is facing a lot of difficulties when their biggest investor, FTX, has collapsed, besides, Solana's blockchain also has too many potential risks, if I remember correctly it has had outages 9 times this year and sadly they have not been able to fix this problem. This is unacceptable for a blockchain that is rated as the top in the market.

Solana won't die for FTX, although FTX is a major sponsor and contributor to Sol's success, FTX is not the only investor in Sol. Sol will really come back or not is up to them, as long as their blockchain gets better and better then other big investors will notice. One more thing, Sol's ICO price of 0.1$ means they are still very overvalued in the market, I predict it will continue to decrease in the near term.

[Sayeds56]

Not only Solana is facing a lot of difficulties when their biggest investor, FTX, has collapsed, besides, Solana's blockchain also has too many potential risks, if I remember correctly it has had outages 9 times this year and sadly they have not been able to fix this problem. This is unacceptable for a blockchain that is rated as the top in the market.

Solana won't die for FTX, although FTX is a major sponsor and contributor to Sol's success, FTX is not the only investor in Sol. Sol will really come back or not is up to them, as long as their blockchain gets better and better then other big investors will notice. One more thing, Sol's ICO price of 0.1$ means they are still very overvalued in the market, I predict it will continue to decrease in the near term.

The recovery of SOLANA depends on its team who need to work hard to find new partnerships and improve their block chain which had been shut down many times due to technical issues. This outage was the beginning of SOLANA decline & collapse of FTX added fuel to the fire otherwise SOLANA had made huge progress to build strong use case of their coin during the past 2 years. SOLANA is still one of the top 10 block chain with highest transaction speed which is its strength and gives it competitive edge.

[merekamo]

Overall, not only SOLANA was affected, almost all altcoins fell due to the FTX problem. Because indeed all investors are waiting for the time to invest again in crypto.

If we look at recent crypto projects, in phase Q4 there are actually many projects that will be launching. But because of the FTX case, now the crypto project is waiting for the market situation to return to normal.
 
I don't know the relationship between Sam Bankman Fried and Solana. Last I read, the Solana team hadn't mentioned anything about the financial problems SOL was facing due to FTX.

Although the original price of SOL was low, but they still had a good ICO to recover quickly and this will help with the economic situation, but right now many people doubt that Solana can fix it economically. We hope everything returns to normal soon.

[Yatsan]

If it is chance in its broadest sense, yes it has a tendency to recover simply because it has a community of users already. And what happened recently just pulled its market price down, and that is really unexpected. My friends are traders for years and they expected a pump before the incident. Other traders as well predicted the opposite of what happened. Solana is here in this industry for years and previous pumps, it was often carried away so yes, it may still rise once bull run enter this market. The problem is assurance that it would. But if it is just chances, higher chance that it would. Solana chain is being used on different utilities, in the first place. So for those who are holding, keep going and wait if you can endure the situation of this moment.

[zasad@]

Unfortunately, it is very difficult to make investment decisions after reading these articles. Solana is a buy because the price of this coin could rise to $100-$200 in the next bull market. But if you believe that aptos will kill solana, then you should not invest in it. If the price of the coin drops to $8, I will probably take the risk and buy the coin in the long term.