Solana was front and center yesterday after the market saw a few interesting spectacles. First, SOL price fell to a low of around $8. This is very likely due to LP redemptions at several crypto funds
Solana was front and center yesterday after the market saw a few interesting spectacles. First, SOL price fell to a low of around $8. This is very likely due to LP redemptions at several crypto funds. We know for a fact that Multicoin and Sino were heavily exposed to all things SOL and FTX. "HAHA, you guys are rekt!" appears to be the general sentiment on Twitter, but it is important to remember that these guys bought SOL with entries probably lower than $1.
After some relentless selling in the afternoon, the chart reached a moment so bad that all you could do was laugh at it. The bold had their "I'll buy all the SOL you have right now at $8!!!" moment. And then, the unexpected happened. Lord Vitalik Buterin tweeted about the Solana developer community and how the ecosystem is now more attractive that many of the value extractors left. SOL giga squeezed towards $11 and liquidated about $20M in shorts. This momentum was short lived, and SOL trickled back down to around $9.50, but given the uptick in volume and attention, yesterday could have very well been a structural change to its market.
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The wonderful team at Consensys sponsored and unlocked two free reports this week. Part one, a 2022 Year End Review report covering all things networks and infrastructure was published this on Tuesday. Don't want to read another 100 page report? Well we packed it up concisely into just 14 pages. We talk all things ETH, L2s, Alt L1s, and bridges, so be sure to check it out. Looking for a more granular report covering 2022's developments at the protocol level? Then our second year end report is for you! It provides detailed analysis of derivative platforms, DEXs, lending protocols, decentralized stablecoins, the liquid staking market, and NFT marketplaces. Be sure to give it a read here. |
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In this episode of 0xResearch, our analysts debate which projects, personalities, and market events should be in crypto's 2022 Mount Rushmore. Watch and listen to 0xReseach on Youtube, Spotify and Apple Podcasts. |
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