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SOL quotes fell significantly after the bankruptcy of FTX

SOL quotes fell significantly after the bankruptcy of FTX

Nov 17, 2022

The CEO of Laguna Labs, Stefan Rast, noted that the Solana digital coin (SOL) suffered the most among other cryptocurrencies amid the collapse of the FTX exchange. In total, the cost of SOL has fallen by 60% since the beginning of November. At the same time, the rate of BTC and ETH fell by 19% and 20%, respectively.

It is believed that FTX and its market maker Alameda Research got rid of a large amount of the Solana cryptocurrency to cover their losses. This, in turn, had a negative impact on the cryptocurrency exchange rate. How soon the digital asset will be able to recover in the market is unknown.

Over the past 7 days, the SOL price fluctuation has indicated the emergence of a bullish trend, which should reassure investors.

According to DeFiLlama, the current number of Solana coins, stored on the blockchain, is 24.74 million. This is several times lower than the figure of 68.2 million in June.  

The co-founder of Solana Labs, Raj Gokal, reassured investors and gave a positive outlook for the cryptocurrency going forward. He also believes that the difficulties that have arisen due to the FTX situation will make SOL even stronger.


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