SOL Recovery In 2023 – Will The Solana Mobile Updates Help?

Christian Encila

1 year ago

3 mins read

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Solana is having a hard time springing back to life. Apparently, the FTX crash has negatively impacted SOL and its bearishness doesn’t seem to improve the crypto’s price.

Here’s a quick look on how the crypto has been performing:

FTX crash drags price down
SOL price nosedives by 2.13%
$200 million in crypto wiped out from Solana Foundation

According to CoinMarketCap, the crypto’s price has nosedived by 2.13% or trading at $11.77 as of this writing. Evidently, it has been negative for the past few days, although there has been improvements but it still isn’t peaking to $12.

With the rate it’s going, the price is seen to have depreciated by as much as 1.56% as seen in the past 24 hours.

Solana: Objectives For 2023

SOL price is seen to have peaked on November 6 last year with a $259 all-time high, with its lowest price lying around the range of $10.56. The highest it has peaked since its last low price was spotted at $18.65.

On December 21, the network showcased on social media the platform’s accomplishments and goals for the coming year.

Mobile Phone, JumpCrypto Fire Dancer Launch

Solana is set to release the Solana Phone in 2023, claiming that the launch of the mobile gadget is to aid decentralized applications (dApps) on Web3 platforms. This is definitely a bold move for the network as a first-of-its-kind innovation in the crypto space.

More so, apart from the mobile device, the platform will also be launching JumpCrypto’s Fire Dancer which will also be released in 2023. The launch aims to accentuate the speed and also reduce the breakdowns in the platform.

Crypto total market cap at nearly $770 billion on the daily chart | Chart: TradingView.com

Initial Diagnosis: Flatline

The price appears to be on a flat line as seen in the past few days even a few weeks after the crypto exchange’s collapse. Sam Bankman-Fried, FTX former CEO, is facing multiple charges of fraud. He posted a $250 million bail last week.

The coin is now down by 69% since November as impacted by the FTX collapse which is known to be one of the biggest supporters of Solana.

The recent collapse of FTX has also dragged the crypto down, especially with the Solana Foundation having approximately $200 million worth of crypto wiped out when FTX imploded.

With the current scenario, there is a very slim chance of the crypto enjoying a price increase in the next coming weeks, even if the digital asset has bottomed out.

Apparently, SOL has bottomed out in November following the exchange’s turmoil, but it seems that it’s far from over yet as the coin continues to fall, with no hints of spiking anytime soon.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.