"Solana Crypto Token Makes a Comeback Following 2022 Selloff"

CRYPTO_NEWS SOL

Solana, the digital token backed by fallen crypto mogul Sam Bankman-Fried, is starting the year strong after a 94% plunge in 2022. Traders are looking for evidence that the selloff is overdone after a supportive Dec. 29 tweet from Ethereum co-founder Vitalik Buterin. Don’t look for Solana to regain its highs anytime soon though: The coin remains 95% below its November 2021 peak. 

 

With a gain of more than 22% over 24 hours and nearly 30% over a week, Solana (SOL) is by far the best performing cryptocurrency in the top 20 on Wednesday morning, while Bitcoin has been flat since yesterday and has gained just over 1% over the past 7 days.

 

Solana thus marked at 4am CET on Wednesday a high of $14, the highest since December 16. It is worth noting that between the December 29 low of $8.09 and this morning's high, Solana has posted a gain of more than 73%.

Solana (SOL) recovers from FTX bankruptcy shock
Recall that SOL had previously suffered more than other crypto currencies from the FTX bankruptcy scandal, due to Solana's close ties to Sam Bankman-Fried. The crypto had indeed plunged 71.7% between a peak of $38.75 on November 5, and a low of $10.96 on November 22.

 

In a note published earlier this week, analysts at Bernstein pointed out that "Solana suffered from FTX being its biggest champion and largest concentrated investor," explaining that "multiple DeFi applications within Solana had early FTX involvement, which led to the evaporation of its DeFi ecosystem when FTX disappeared, and judging that "Solana needs to rebuild" and "must now play the more organic game of bringing in motivated developers."

 

 

Auteur : Brian Leclere 

 

 

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.