SOL Recovery In 2023 – Will The Solana Mobile Updates Help?
Solana is having a hard time springing back to life. Apparently, the FTX crash has negatively impacted SOL and its bearishness doesn’t seem to improve the crypto’s price.
Here’s a quick look on how the crypto has been performing:
- FTX crash drags price down
- SOL price nosedives by 2.13%
- $200 million in crypto wiped out from Solana Foundation
According to CoinMarketCap, the crypto’s price has nosedived by 2.13% or trading at $11.77 as of this writing. Evidently, it has been negative for the past few days, although there has been improvements but it still isn’t peaking to $12.
With the rate it’s going, the price is seen to have depreciated by as much as 1.56% as seen in the past 24 hours.
Solana: Objectives For 2023
SOL price is seen to have peaked on November 6 last year with a $259 all-time high, with its lowest price lying around the range of $10.56. The highest it has peaked since its last low price was spotted at $18.65.
On December 21, the network showcased on social media the platform’s accomplishments and goals for the coming year.
Mobile Phone, JumpCrypto Fire Dancer Launch
Solana is set to release the Solana Phone in 2023, claiming that the launch of the mobile gadget is to aid decentralized applications (dApps) on Web3 platforms. This is definitely a bold move for the network as a first-of-its-kind innovation in the crypto space.
More so, apart from the mobile device, the platform will also be launching JumpCrypto’s Fire Dancer which will also be released in 2023. The launch aims to accentuate the speed and also reduce the breakdowns in the platform.
Crypto total market cap at nearly $770 billion on the daily chart | Chart: TradingView.com
Initial Diagnosis: Flatline
The price appears to be on a flat line as seen in the past few days even a few weeks after the crypto exchange’s collapse. Sam Bankman-Fried, FTX former CEO, is facing multiple charges of fraud. He posted a $250 million bail last week.
The coin is now down by 69% since November as impacted by the FTX collapse which is known to be one of the biggest supporters of Solana.
The recent collapse of FTX has also dragged the crypto down, especially with the Solana Foundation having approximately $200 million worth of crypto wiped out when FTX imploded.
With the current scenario, there is a very slim chance of the crypto enjoying a price increase in the next coming weeks, even if the digital asset has bottomed out.
Apparently, SOL has bottomed out in November following the exchange’s turmoil, but it seems that it’s far from over yet as the coin continues to fall, with no hints of spiking anytime soon.