Solana took another sharp fall today, sinking below $10 for the first time since February 2021.
Bulls stepped in at $9.66 in the early hours of Dec. 28 (GMT), leading to a recovery that topped out at $10.20. As of press time, SOL was hovering close to the psychological $10 level once more, at $10.02 after dipping below $10 for a second time hours before.
Source: SOLUSD on TradingView.com
Since the FTX collapse, Solana has been under pressure due to the project’s close ties with the disgraced exchange.
However, hardcore believers continue to be optimistic in the face of adversity. For example, @LitecoinYagami tweeted:
“Solana will have the greatest comeback story in crypto history. I can see it already. Stay strong.”
However, others are more bearish about the project’s prospects, including @IvanOnTech, who pointed out SOL’s market cap slid to 17th in recent weeks — below TRON and Shiba Inu. While also mentioning the developer exodus as a sign of worse to come.
“Solana is n
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