Solana (SOL)’s Value Drops to $4 Billion After the FTX Crash


by IndustryTrends December 7, 2022

Solana (SOL)’s Market Cap Drops, Worried Investors Saved by The Hideaways (HDWY)

Solana (SOL)’s price records double-digit gains in today’s charts. But the recent surge is not enough to put it back in the ranks after falling to 16th place this week.

Solana (SOL) is one of the cryptocurrencies that suffered huge losses from the FTX wreckage that wiped hundreds of millions out of the network’s balance sheets.

The Hideaways (HDWY) is a timely refuge for worried investors as it gives the stability needed in this volatile trading environment.

 

Solana (SOL)’s Market Value Drops to $4 Billion

What was once popularly known as the “Ethereum Killer” shrinks to a $4 billion value. Solana (SOL)’s market capitalization dropped below Litecoin (LTC), Shiba Inu (SHIB), and Tron (TRX) after losing 60% of its value last week.

Solana (SOL) received the FTX crash worse than most of its counterparts due to its direct financial ties with Sam Bankman-Fried enterprises.

The decentralized platform is invested in FTX and Alameda Research, both companies owned by Bankman-Fried, making the situation worse.

FTX filed for a Chapter 11 bankruptcy last week and dragged all 130 companies under its watch down the hole, including Alameda.

With the recent blow, the market quickly sidelined SOL to a “sell” rating while giving soaring coins like Litecoin (LTC) and The Hideaways (HDWY) a “strong buy” tag.

 

Solana (SOL)’s Price Recovers in the Middle of the Downturn

In the middle of the retracement, Solana (SOL) clinches a palate cleanser and hiked 15.03% in the 24-hour charts. The coin is exchanging hands at $13.04 at press time.

This is at the same time Bitcoin (BTC) and Ethereum (ETH) recovered from their support lines following bearish exhaustion.

But the negative sentiment for SOL is far from over. Its daily charts show a significant distance between 50-day EMA and 20-day EMA after a bearish crossover on November 07.

Moreover, Solana (SOL)’s RSI is worrisome. The market pulse tracker is at 29.54 – an oversold territory.

Analysts warned investors of bigger drops ahead, with Solana (SOL) forecasted to end the year with a 100% decline from its all-time high level of $258.93.

 

The Hideaways (HDWY) Saves Solana (SOL) Investors

The Hideaways (HDWY) is a surprise success story in the wake of the FTX crash. Solana (SOL) investors who took a chance on the presale token now see their decisions paying off.

The Hideaways (HDWY) gets a “strong-buy” rating despite the market volatility. Analysts put a premium on the fact that The Hideaways (HDWY) is the first crypto-driven real estate investment project with a utility comparable to Solana (SOL).

The new crypto craze backs its NFTs with real-world assets that give owners a chance to earn passive income from monthly rental yields for an initial investment that goes as low as $100.

Due to the growing demand, The Hideaways (HDWY) will become the next 50x coin in 2023 and overtake Solana (SOL)’s value in the years to come.

Don’t miss your chance to score this high-potential token offered at $0.10.

Website: https://www.thehideaways.io

Pre-Sale: https://ticket.thehideaways.io/register

Telegram: https://t.me/thehideawayscrypto

Twitter: https://twitter.com/hdwycrypto

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