Solana (SOL) has suffered a price drop of approximately 50 percent since Monday as a result of the collapse of the FTX cryptocurrency exchange. Blockchain data foresees further losses. Does Solana still have a chance?

The fall of the FTX cryptocurrency exchange seems to be unstoppable and Solana (SOL) has been hit particularly hard by it. At the weekend, Solana was still worth over $30, now it is around $15. With a 50 percent downside, SOL stands out in a cryptocurrency market where other important altcoins are also suffering losses, but not to the same extent as Solana. The reason for Solana's current special position is that the cryptocurrency, which has been freely traded since April 2020, is a pet project of FTX founder Sam Bankman-Fried, and he has apparently also used SOL extensively to secure transactions in his cryptocurrency by Alameda Research. Other coins in the Solana ecosystem such as Serum (SRM) are also in free fall. Notably, the best crypto casino bitcoincasinos21.com, no matter what, remains popular among players.

Not surprisingly, Solana co-founder Raj Gokal is calling for a "critical moment" on Twitter and to "stand together". Like the dedicated press, he knows that blockchain data is a concern at Solana. As of Thursday morning, the next so-called era in Solana's blockchain will see hundreds of thousands of SOL canceling stakes, indicating that investors will want to sell them. Gokal is not the only one who wants to break this trend because otherwise, the dynamics are likely to cause further collapses in the SOL price curve.

For some time, Solana has been criticized not only because of regular network failures but also because of the unhealthy concentration of large investors. In this respect, Gokal and other Solana executives at least have a chance to increase confidence in the Whales and convince them not to allow SOL to collapse further through massive sales. On the other hand, it is not yet known how much SOL is still held by Bankman-Fried, FTX and Alameda Research and could come to market in an emergency sale.

Conclusion: suspended, caught - Solana in an existential crisis

Solana has already lost its place in the top ten most capitalized cryptocurrencies in the world as a result of the falling rate. If another SOL sell-off occurs this Thursday, the collapse could continue with negative side effects for the entire ecosystem. DeFiLlama measures about 30 percent capital outflows in the Solana DeFi unit in the last 24 hours. At least there is hope from Solana's management, which has not gone underground but is actively seeking support. As an investor, you not only need good nerves with SOL right now, but you also need to keep an eye on the overall situation in the crypto markets, where there are no signs of relaxation right now.

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