SOL - Is It Finally Time to Give Up on Solana Down 94% From Its All-Time High?
It's clear that Solana (CRYPTO: SOL) suffered a truly disastrous year in 2022. Though it's risen slightly since the start of the new year and is now priced at around $13, the cryptocurrency is still down more than 94% from its all-time high of $260 in November 2021.
Against this backdrop, of course, many investors are simply throwing in the towel on Solana , spooked by continued fears of an FTX contagion. However, it could be the case that we are finally seeing -- or have already seen -- a market bottom for the cryptocurrency. With that in mind, here's the ultra-contrarian case for investing in Solana, even at such a low price point.
Admittedly, Solana is particularly susceptible to the risk of FTX contagion, due to its close links with former FTX CEO Sam Bankman-Fried and the hedge fund that he controlled, Alameda Research. But we already knew this back in early November, when the FTX meltdown began. The market had seemingly priced in all the potential bad news scenarios and driven Solana down to a bargain-basement level.
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Is It Finally Time to Give Up on Solana, Down 94% From Its All-Time High?