NewsBTC
2022-12-27 13:51:19

Is SOL About To Crumble? Major NFT Projects Plan To Switch To Other Blockchains

In the preceding 24 hours, the sentiment of the cryptocurrency market as a whole was mixed, as the majority of top cryptocurrencies experienced mixed price changes. Solana is in a difficult position, since two of the ecosystem’s most prominent NFT projects are abandoning its network for rivals. The outlook on the crypto remains bearish in 2022. On Monday, DeGods announced that the NFT collection will bridge to Ethereum in the first quarter of next year. The y00ts NFT collection, which is part of the same cohort, will move to Polygon. The official explanation for the transition to these blockchains has not been announced. Related Reading: VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas Image: The Crypto Times What’s Going On With SOL? Due to bearish signal readings and unfavorable news, the crypto’s price could resume its freefall toward $10. Strong bearish momentum allowed the bears to push its price below the $12.00 threshold. As of writing, SOL was trading at $11.16, down 6.5% in the last seven days, data from Coingecko shows. The crypto’s price has retreated by 23.15% since December 15. Nonetheless, the bulls established support at the level, which stabilized the price activity. Regardless, bearish pressure persists as it continues to decline, although at a much slower rate. Concerns over the crypto’s exposure to the cryptocurrency exchange FTX increased as cryptocurrencies took a severe battering this year and its stock performance plummeted. Image: Business2Community Glory Days No More SOL’s price dropped by roughly 90% in 2022 after being a sparkling gem in 2021. It has fallen from a peak of $260 to its current price of $11.16. Solana established itself as a frontrunner in the rapidly growing field of decentralized finance (DeFi), a key application area for blockchain technology. In its zenith, DeFi’s total value locked (TVL) soared beyond $12 billion. Although Solana is regarded as the second-largest NFT ecosystem in the world, developers and projects are departing the network. According to data provided by DappRadar, the ecosystem’s NFT marketplace ranks fourth in terms of trade volume. The departure of DeGods and y00ts from the ecosystem is anticipated to drop the coin completely out of the top 10 in terms of sales volume. Related Reading: Why USDT Is Plunging While Other Stablecoins Are Not SOL total market cap at nearly $4.06 billion on the daily chart | Chart: TradingView.com What Now ‘Ethereum Killer?’ There are speculations that both projects requested funding from the Solana foundation in order to continue on the blockchain, although this has not been proven. Solana is a blockchain platform that competes with Ethereum. The proof-of-stake (PoS) system upon which it was founded is both quicker and less taxing on the environment than Ethereum’s. And while Ethereum can only process 20 transactions per second, Solana can process thousands. In the meantime, the price of SOL risks falling to the weekly and monthly lows of $11.00 and $10.90 respectively. If the “Ethereum Killer” breaks out of its downtrend and closes above the trendline, the bearish narrative could be invalidated.

Crypto 뉴스 레터 받기
면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.