Since so many people have bought into the Solana foundation hype, many of them are left wondering whether the coin will make a decent long-term investment or whether they should sell whatever coins they have already purchased before it falls any further. Unfortunately, we are unable to provide you with financial advice and will not be able to direct you as to what to do with your coins. But Solana is a pretty intriguing initiative, and we'd like to look at its potential going forward.
Many think that Sam BankMan-Fried, the former CEO of FTX, having intimate ties to the proof-of-stake blockchain, sealed Solana's fate. Fried, who was a significant investor and a spokesperson for the ecosystem, helped Solana rise to prominence during the previous two years to rank among the largest blockchains. A dump was feared after it was discovered that Alameda and FTX controlled 58.08 million SOL tokens or about 11% of the total supply. With those holdings, Bankman-Fried became the hub of most of the decentralized finance headquartered in Solana, upsetting investors who have been emptying their wallets.
A temporary suspension of all USDC and USDT deposits on the Solana network by Binance on Thursday looked to make things much worse for the struggling cryptocurrency. Earlier, OKX had declared that it would stop accepting deposits and withdrawals and delist both USDC and USDC on Solana. Nevertheless, regulators might broaden their reach to tokens that have tight ties to the exchange when FTX filed for Chapter 11 bankruptcy protection, further sinking SOL.
However, despite SOL's decline, developers have been keeping members informed about successful achievements in an effort to rekindle the network's flagging interest.
The Solana Foundation announced on Wednesday that it would "re-stake" the approximately 12.5 million SOL that it planned to un-stake over the next two epochs, rather than selling or transferring them. Theoretically, by convincing investors that the SOL won't be dumped, these actions can serve as a liquidity buffer against big sellers.
One of the biggest hosts for Solana Validators, Coinbase Cloud, tweeted on November 17 that the network had been upgraded to address the problems that had previously caused outages.
After falling by 1.67% over the previous day and 94% from its all-time high, SOL was trading at $13.42 as of this writing. According to data from CoinMarketCap, SOL's market cap decreased from almost $80 billion in November 2017 to less than $5 billion.
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