Solana hasnt made the news about what it is widely known for which is having a blockchain shut down, well, it seems like they have been some progress on the blockchain, or just may be people are tired of calling them out because they are used to the blockchain shutdown disaster. Solana was supposed to be the ethereum killer, remember, SBF, the former FTX CEO was publicly supporting the coin, because he saw potentials in the coin. I think he had a huge amount of Solana. Can we say that he is one of the reasons the coin has tanked so bad? But sincerely speaking, the coin had done an impressive come back this year, reaching a $9 low this year and then pumping to this current price of $21.
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Lets do a little math about the Solana price decline and the potential loss from the all time high, this is why buying coins to hold in the bull market is some kind of a bad idea. When Solana was having a huge pump in the bull market, I was tempted to want to buy, but I felt it was too expensive for me so I didn’t buy it. More than a year later the value has tanked and according to my math the percentage loss in value of Solana from its all time high price to today’s price is 91.892%, that is a huge loss for those people who held since the all time high. Why some think this is the last time Solana will reach its all time high price of $259, some think there is still chance for Solana to reach and probably surpass it. The fact the price of Solana is down doesn’t mean that activities on the chain is also down.
Solana is still a relatively strong blockchain, may be not so perfect devs but great chain. If the price of Solana can skyrocket to $21 from $9 then anything can happen, remember its crypto. Most times in crypto its not always about the product, the chain or how good or great is is, it is about the hype. Look at what happened to dogecoin, it had a great hype and made a lot of people rich, still we dont have any utility or use for the chain. With the right hype, we can possibly see the price of Solana get to $500 or higher. If the FTX collapse didn’t kill it, having the ex CEO SBF strongly behind it, then anything can truly happen with the price.