Solana is facing its share of the bearish sentiment in the cryptocurrency market today. SOL has held above $20 since it jumped from $18 to $24 on January 14.
However, the coin has seen a drop of 12.54% in price in the last seven days. Now, investors wonder if there are any signs of recovery.
Crypto Market Plunge Affects Solana
After the collapse of Alameda Research and FTX last year, SOL price joined the trend of price losses in the market. The Solana blockchain raised funds from FTX and Alameda Research, the trading firm of FTX former CEO, Sam Bankman-Fried.
However, when Binance withdrew from its planned takeover of the exchange, it spooked many investors as it meant the termination of support for Solana.
Following the incident, many key investors pulled out from the Solana blockchain. This action led to a drastic drop in price, leaving SOL to struggle. However, the asset started recovering in 2023. It started the year at $9.9610 but gradually climbed, recording rallies and pullba
We współpracy z: https://www.newsbtc.com/news/solana/solana-sol-plunges-over-13-will-it-bounce-back/
