With sellers having full control of the price action, the best hope for Solana is to hold at the $17 support level, which is the most important level at this time. Should that not manage to stop this downtrend, then the price will be more likely revisit $15 next. Such levels were last seen in June. Solana’s price has gained over 3,000% since the beginning of the year when one SOL coin was worth US$1.6. But unlike the similar 5,000% gains seen in meme-cryptocurrency Dogecoin, there appears to be a lot more happening in terms of Solano’s development and utility. More recently, in November 2022, it was revealed that Solana had financial ties to Alameda Research and FTX, both founded by Sam Bankman-Fried. Alameda Research, FTX and its U.S. arm FTX.US all filed for Chapter 11 bankruptcy. In the fallout, Solana’s price dropped about 90% from its one-year high.
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