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Vitalik Buterin, the creator of Ethereum, expressed support for the blockchain that had been most severely damaged by FTX's collapse, as the Solana token mostly reversed Thursday's 15% decline.
Increment in Solana Token Prices
From its $8.19 low on Thursday, SOL recovered and reclaimed the $9.50 area where it had been trading for the majority of the day. The fact that sellers are unloading the "Sam coin" that suspected fraudster Sam Bankman-Fried once openly promoted is one reason why the token is still 96% below all-time highs at $260. Buterin tweeted that soon before SOL's Thursday comeback started, some intelligent people tell him there is a sincere brilliant development community in Solana, and since the horrible exploitative money people have been swept out, the chain has a good prospect. https://twitter.com/VitalikButerin/status/1608591727316684804?s=20&t=gPBTXDBNamQZOh5f_QQ3uQ
Growth Pattern That Created ETH
In just one week, SOL decreased by 20%. For the first time since February 2021, it is now trading below one percent. He further added that it is difficult for him to say from the outside, but he believes the community has a fair opportunity to succeed. On Twitter, several users have noted that SOL's 2021–2022 chart closely resembles the growth pattern that ETH created in 2018 and 2019, when ETH plunged 95% from its high of around $1,200. ETH has returned to the $1,200 area after enduring another expansion cycle.
Investments in Solana Token
Bankman-Fried, who made significant investments in Solana initiatives with FTX venture transactions and market-making from Alameda Research, will probably need to be dissociated from SOL for it to recover. Solana DeFi saw a capital outflow as a result of the blowouts of the twin firms, and its trading procedures are still plagued by a lack of liquidity.