SOL, the native token of the Solana blockchain, slumped under $10 for the first time since February 2021 on Wednesday, dropping 10% intra-day and extending its losses since the abrupt collapse of Sam Bankman Fried’s seemingly corrupt FTX/Alameda crypto empire in early November to roughly 70%. Price predictions thus remain highly pessimistic.
Why is SOL dumping?
The collapse comes amid a continued stream of negative stories surrounding the Solana crypto ecosystem, as well as the ongoing FTX saga. Two of Solana’s top non-fungible token (NFT) projects, DeGods and y00ts, recently announced that they are jumping ship to build on the Ethereum and Polygon blockchains.
Meanwhile, blockchain watchers pointed out on Wednesday that Alameda wallets have become active once again, just a few days after Sam Bankman-Fried was released from jail on bail. ERC-20 tokens are being dumped and funds are being moved into blue chip cryptocurrencies like ETH, BTC and USDT, with some funds moving via transaction destination obscuring instant exchangers.
Twitter users have unsurprisingly been speculating that Sam Bankman-Fried is behind the dumping of tokens and traders are speculating that SOL tokens might also be getting dumped. Sam Bankman Fried was a big promoter and backer of the Solana blockchain and is thought by some to have artificially boosted the price of SOL.
Price Prediction – Can SOL Hit $3?
SOL/USD’s latest drop below recent lows in the $11 area and under the psychologically important $10 level has opened the door to a further cascade of selling that could see the token test key long-term support at around $5.20 in the form of the August 2020 highs. If the token dropped below this level, that could open the door to a further decline to the $2.50 balance area.
Altcoins to Consider
With broader cryptocurrency markets having performed poorly in recent weeks, investors may be looking to diversify their holdings with the pre-sale tokens of promising, up-and-coming cryptocurrency projects.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised nearly $2.6 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $11.2 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in under one month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.6million, with a crypto whale scooping up $97.5K in one purchase earlier this month. The presale is in the final stage, with only 20% of tokens left.