Solana price is down 95% but community is still growing – Bright future ahead for SOL

• The Saga Web3 phones, which were launched earlier, will be made available to the public in early 2023.
• Messari noted that the total value locked (TVL) on the Solana ecosystem has significantly declined in the recent past.

The Solana (SOL) ecosystem is recuperating from the FTX and Alameda fallout that significantly damaged its reputation. According to our latest crypto price oracles, Solana (SOL) is trading at about $12.29, down approximately 95 percent since hitting ATH late last year. The Solana market has been downward after amassing crypto traders with a vast 2021 bull market. Moreover, the SOL coin made over 100x for the early investors.

Nevertheless, the close association with FTX and Alameda strengthened the bears, whereby SOL has not recovered from the recent dip. However, research by the onchain platform Messari indicates the developer base continues to widen.

“Developer data presents a stronger, stickier ecosystem of devs than the preeminent narrative would suggest. However, these statistics should be taken with caution, as the amount of data available cannot be considered fully robust,” Messari’s James Trautman noted.

James added that the total value locked (TVL) on the Solana ecosystem has significantly declined recently, despite several projects, including Ellipsis Labs, Drift, Friktion, and other projects announcing new Dapps.

“Helium’s migration to Solana combined with the deployment of newer networks such as Hivemapper, Pollen Mobile, and Teleport indicate that Token Incentivized Physical Infrastructure Networks (TIPIN) are a burgeoning new subsector on Solana,” Messari indicated.

Solana Bright Future Unfolds Via Crucial Developments

The Solana ecosystem has attracted global cryptocurrency traders due to its high throughput, especially swing traders seeking high crypto volatility. As such, the existence of the Solana ecosystem has been significantly solidified in the cryptocurrency industry. 

Consequently, Solana developers are working hard to deliver on the promised roadmap. For instance, Solana’s Saga dev kits are scheduled to start shipping in mid-December 2022. The Solana Mobile dapp store application is expected to open in January 2023. Most importantly, the Saga Web3 phones launched earlier will be available to the public in early 2023.

Notably, the Solana network reported a total of 2,306 validators with a total stake of approximately 370 million SOL as of December 8. Whereby the individual validators are distributed worldwide in more than 138 unique data centers.

According to Messari, most of the developers on the Sol network intend to continue building despite the FTX implosion. Remember, FTX and Alameda significantly helped the Solana ecosystem develop its trading and validator network. Reportedly, 72 percent of developers surveyed by Messari reported that their team was not affected by FTX. However, approximately 20 percent had personal or project funds invested in FTX. 

As of today, Monday, the Solana network enjoyed a market capitalization of approximately $4,522,590,163 with a 24-hour trading volume of about $167,467,302. 

While the crypto bear market sustains, SOL long-term holders are counting profits of approximately 2359.6 percent in two years.