Solana ($SOL ) downfall – how it started 📉
🔺 Peak & start of downfall
Month: November 2021
Price: Around $250–260
SOL was in a strong bull market, driven by hype, NFTs, and DeFi growth.
🔻 Major decline phase
January–June 2022:
Price fell from $170 → $35
Reasons:
Crypto bear market started
Rising interest rates
Bitcoin weakness pulling altcoins down
🔥 Crash phase (worst point)
November 2022
Price: Around $8–10
Main reasons:
FTX collapse (FTX was heavily linked to Solana)
Loss of investor confidence
Massive panic selling
How Solana recovered 📈
🟢 Slow recovery phase
Early 2023:
Price moved from $10 → $20–30
Panic selling ended
Long-term investors started accumulation
🚀 Strong recovery & trend reversal
Mid–late 2023:
Price climbed from $30 → $60+
Network usage increased
Meme coins & ecosystem growth
Market sentiment improved
📊 Continuation into 2024
Early 2024:
SOL reached around $120
Bullish momentum returned
Higher highs & higher lows confirmed recovery.
