- Solana NFT projects DeGods announced that it will bridge to Ethereum in the first quarter of 2023; y00ts will bridge to Polygon.
- Based on a recent report by Token Terminal, active developers on the Solana network witnessed a steep decline - a 90% drop in 2022.
- Solana price is at risk of steep decline; a drop to the monthly low of $10.94 is likely for the Ethereum alternative.
Solana is considered the second-largest NFT ecosystem in the world. Interestingly, the Ethereum alternative is in a tough spot, with top digital collectable projects leaving its network for competitors. The outlook on Solana remains bearish in 2022.
Also read: Ethereum rival Cardano sharks gobble up 331 million ADA tokens, fuels fear of mass sell-off
Solana NFT projects reveal plans to migrate to competitor chains
Solana network’s NFT projects DeGods and y00ts have announced plans to relocate to competitor blockchains Ethereum and Polygon. While Solana is considered the second-largest NFT ecosystem in the world, active developers and projects are leaving the network. Solana’s marketplace for NFTs is the fourth in trading volume, according to data from DappRadar.
According to Token Terminal data, the number of active developers in Solana has decreased by 90% in 2022. With the declining activity on the Solana network, it is clear that projects and developers are moving on to competitor chains like Ethereum and layer-2 scaling solutions.
Following the FTX exchange’s collapse and bankruptcy, Solana price declined in the crypto bloodbath. NFT projects DeGods and y00ts recently announced their plans to migrate to rival blockchain networks.
Why do Solana projects want to migrate to Ethereum and Polygon
DeGods NFT project officially announced that it would be bridged to Ethereum in Q1 2023. The project said that it is a bridge and not the destination. The NFT collection is on the path to getting there.
The team is set to release the bridge details when it is released and tested. The Season three roadmap for the collection will be released in January 2023 with further information.
DeGods will officially bridge to Ethereum in Q1 of 2023.
— DeGods III (@DeGodsNFT) December 25, 2022
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
Project y00ts is ready to move to Polygon, Ethereum’s layer-2 scaling solution blockchain.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
With two major Non-Fungible Token projects moving off the Solana blockchain, it becomes more apparent that the development activity on SOL is declining.
Solana price outlook remains bearish in 2022
Solana price is currently in a downtrend and remains at risk of declining to the monthly low of $10.94. Solana price is 95.6% below its all-time high of $259.56 and currently trading at $11.33.
SOL/USDT price chart
Solana price is at risk of declining to support at the weekly low of $11.07 and monthly low of $10.94. If the Ethereum killer breaks out of its downtrend with a close above the trendline, it could invalidate the bearish thesis.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.