Solana price is sinking deeper into the rabbit hole even as the year-end rally investors have been looking forward to gradually fades into the sunset. SOL’s cumulative weekly losses are now at 6.6% amid fears the proof-of-stake (POS) blockchain is in trouble.
The latest reports show an intensifying exodus of projects moving to other blockchain platforms. Developers often drive value by building through the crypto winter, but the exit of NFT projects like DeGods and Y00ts paints a grim picture for Solana.
DeGods Is Bridging to Ethereum in Q1 of 2023
DeGods, a popular NFT platform, has told users that it is working on officially bridging to Ethereum in the first quarter of 2023. A post published on Twitter on Monday revealed “the bridge is not the destination” but “the path to get there.”
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
— DeGods III (@DeGodsNFT) December 25, 2022
The team said that more details regarding the bridge would come later after it’s created and tested. DeGods reckons that something of such magnitude has yet to be done before, hence the need to ensure that everything goes as per the plan.
Most users have welcomed the move, saying it’s the right thing to do. Some are waiting to see how the team will carry out the process, considering the complexity of such a process.
“ETH has the most options in terms of interoperability and is the best place to stage the project for its next phase. A win for decentralization,” Satoshi.Incognito replied on Twitter.
Y00ts is another top NFT platform ditching Solana to Polygon. According to CoinDesk, y00ts holds around 148 SOL (roughly $1160) floor price. Frank, who spoke during a Monday Twitter Space, said, “it’s hard to accept, but it’s been tough to grow at the rate we want to. If Ethereum is where we must go to keep growing, it’s what we must do.”
DeGods and y00ts have been performing better since the news reverberated across the crypto space. The two platforms make up 70% of Solana’s NFT sales volume.
There have been rumors that DeGods’ team asked the Solana Foundation to part with $5 million for the NFT project to stay on Solana. Moreover, y00ts move is financed by a grant from Polygon’s partner fund.
Where Does Solana Stand as Key Projects Exit
The NFT market on Solana has, since the implosion of FTX, been on a downturn. In the week following the collapse of FTX exchange, the aggregate floor price plunged by over 68% from $424 million to $135 million.
Solana and the crypto market must work toward restoring investor confidence after the mess at the bankrupt FTX ruined it. Solana was among the projects heavily supported by Sam Bankman-Fried’s exchange as a layer-one blockchain.
SOL price plummeted more than 68% to $12 as FTX’s debacle ravaged the market, leaving no stoned unturned. FTX’s Solana-based decentralized exchange (DEX) Serum crashed by more than 53% in the days preceding the implosion.
Solana Price Prediction as the Crypto Winter Bites
Solana price is yet to slow down on the downtrend that has seen it lose over 95% of its all-time high value of $259 on November 6, 2021. Currently, SOL trades at $11.20, while bulls work around the close to prevent the leg from stretching below $10.00.
If investors regained confidence in SOL and started buying in masses, a possible double-bottom pattern at $11.00, in confluence with lows traded on November 22, 2022, would mark the beginning of an uptrend.
However, the path with the least resistance holds to the downside. Support at $11.00 is crucial for Solana. A break below this level may sink holes in a boat struggling to stay afloat. On the other hand, a bullish move may emanate from the same point and flip the trend to the upside.
Traders must be cautious when looking for long positions in Solana to avoid unplanned bull traps. Therefore, the first buy orders could be triggered above the 50-day Exponential Moving Average (EMA) (in red at $11.79).
Solana will start to affirm the uptrend by breaking and holding above the 100-day EMA (in blue at $12.35. Long positions will be safe as Solana makes its way past the falling trend lines (dotted and continuous lines). With such a move, Solana price would be on the fastest lane to highs around $19.00 and $21.00, respectively.
Solana Alternatives Offering Quicker Returns
Solana price is currently a pale reflection of its value of the token’s glorious days, especially in 2021 when SOL spiked to $259. SOL’s future remains bleak now that top NFT projects are choosing other blockchains.
Interested investors who may wish to lock in quicker gains could consider newer tokens like FGHT, D2T, and CCHG turning into the new year. All these tokens are currently in their presales ahead of their initial listings on exchanges.
FightOut: Transforming the Fitness Industry
This is a revolutionary Move-to-Earn (M2E) fitness app and gym chain, gamifying the fitness lifestyle. FightOut aims to make the fitness industry less cost-prohibitive for the masses while democratizing benefits.
FightOut’s presale is underway and has raised over $2.4 million. For purchases made before the $5 million mark, the team is offering a 50% bonus.
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Dash 2 Trade: The Go-to Blockchain Platform for Crypto Analytics and Trading Signals
Dash 2 Trade is a cryptocurrency platform built with the crypto trader in mind. This world-class crypto project brings social sentiment and on-chain trading analysis closer to investors so they can make informed decisions.
Dash 2 Trade’s presale is final, with $11 million out of the expected $13.35 million raised. The token’s first CEX launch will go live on Wednesday, January 11, 2023.
C Charge: Democratizing the Carbon Credit Industry
C+Charge is a crypto-powered electric vehicle (EV) charging and payment solution designed to democratize the carbon credit industry. It is likely the first on or off-chain platform dedicated to rewarding EV drivers.
Drivers earn carbon credits in CCHG every time they charge their vehicles. Charge station operators also receive payment in CCHG, increasing the token’s utility.
C+Charge presale launched recently with $29k raised in the first stage. Investors can buy 1 CCHG for 0.013 USDT, but the price will shoot to $0.0165 USDT in the next round.
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