Solana is the hardest hit crypto this week amid the FTX-induced market crash that sent Bitcoin tumbling to $15,750 levels. SOL was hammered nearly 55% in three days falling from $38 to $12 on Thursday. Solana was caught in the crosshairs of the FTX-Binance-Alameda fiasco sending fears of a massive dump by Alameda Research.
Alameda has nearly $1.2 billion worth of SOL and could dump the tokens to refrain from being insolvent. The domino effect of panic selling did Solana harm reaching new yearly lows. SOL is now at its March 2021 lows and shed all gains that it generated in the last 18 months.
Also Read: What Happens to FTX If Binance Doesn’t Acquire It?
Solana Price Today
Solana is seeing a sigh of relief after its price climbed double digits nearly 13% on Friday. The overall crypto markets are on the greener side as Bitcoin reached $17,000 levels. All layer-1 blockchains including Cardano, Ripple, and Avalanche, among others are up 2.5%, 6.3%, and 9%, in the 24 hours day trade, respectively.
The crypto is now at the $17 level with its market cap reclaiming the $6 billion level. Also, its market cap had fallen under the $6 billion mark on Thursday coming below the Shiba Inu token, which was at $5.4 billion. You can read more details about it here.
Also Read: FTX Valuation Falls to $1 From $32 Billion: Bloomberg Wealth Index
SOL Price Prediction
SOL is not of out danger yet after it spiked 12% on Friday. The FTX-induced crash is seeing new twists and turns every hour that could threaten the markets to fall. For example, BlockFi announced a pause in withdrawals today in the wake of the FTX collapse.
BlockFi had made a deal with FTX early this year, where FTX (US) would provide BlockFi a $400 million credit facility.
Arthur Hayes, former BitMex CEO has also predicted that SOL will reach $3, as the markets are headed for further corrections.
The overall situation of the markets remains unclear and it is advised not to go all-in on SOL at this time. Therefore, the crypto could have a downfall and slip back to its weekly lows of $12-$13.
At press time, Solana was trading at $17.05 and is up 13.7% in the 24 hours day trade. Nonetheless, it is down 93.6% from its all-time high of $259, which it reached in November 2021.
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