Despite the fact that the overall cryptocurrencies are experiencing a downturn, Solana (SOL) is currently exhibiting optimism. The token marks the daily high of about $14.89, which was last seen approximately two weeks before, on November 26th.
Since reaching a record high of $260.06 in November 2021, the Solana price has dropped by 94.57%. The decline brought about a breakdown from the long-term horizontal support area of $29. Following that, it further dropped to over $10 last month.
Following the devastating meltdown of the crypto exchange platform FTX, Solana (SOL) has been dramatically impacted by intense selling pressure. Long-standing support from FTX founder Sam Bankman-Fried and its high November trading price of $37 was just before the crisis.
However, there have been very mild bullish reversal indicators since the crash. It has been able to keep its floor price above $12 and competes with Ethereum in NFT transactions.
According to the data from CoinMarketcap, SOL is currently trading at $14.11 and has risen modestly over the previous 24 hours. The weekly chart for the token also shows an increase of roughly 5%.
Most noteworthy is that SOL’s 24-hour trading volume is currently exhibiting a bullish trend with a rise of over 96%.
Solana Community To Create A replacement For Serum
The fall of FTX came as a surprise to the entire Web3 community, especially Solana. Even though FTX didn’t have any recent history with the Solana ecosystem, they were still a part of its early stages – primarily contributing to developing SERUM, according to its official blog post.
Serum played a significant part in luring traditional finance to the ecosystem because it was one of the first order books created with Solana’s high throughput. Several dependencies from multiple DeFi protocols were made available by Serum.
Serum was a DAO in theoretically, but FTX still had the power to alter the code. Members of the community were keeping a close eye on Serum as the ecosystem observed the collapse take place in real-time.
Solana developer, Brian Long, said in the blog post:
If the program upgrade keys were compromised, they could be used to change the program and possibly steal user funds.
However, a most significant Solana DeFi project named Mango’s Max Shreider identified the issue and alerted authorities. The action community took action, and a brand-new, community-owned utility called OpenBook was produced by forking, or copying, the code from an earlier version of Serum.
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