The Solana ecosystem and digital asset cannot catch a break after the November implosion of the FTX crypto exchange and Alameda Research, who were principal backers of the project.
On Monday, the DeGods NFT project announced via Twitter that they were working on migrating the collection to Ethereum in the first quarter of 2023. They added that they would provide further information on the move with time.
DeGods will officially bridge to Ethereum in Q1 of 2023.
The bridge is not the destination.
It is on the path to get there. pic.twitter.com/Wy8CbGx5VZ
— DeGods III (@DeGodsNFT) December 25, 2022
Similarly, on the same day, the y00ts NFT project on the Solana blockchain announced that it was migrating to Polygon (MATIC). The team added that they would provide additional information with time.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1
— y00ts (@y00tsNFT) December 25, 2022
Solana is Destined for Sub-$10
To note is that both DeGods and y00ts are the most popular NFT projects in the Solana ecosystem. According to data from magiceden.io, the two projects are the top NFT collections in daily trade volume.
The one-day SOL/USDT chart below, courtesy of Tradingview.com, shows that Solana remains in bear territory below the 50-day (white), 100-day (yellow) and 200-day (green) moving averages. The digital asset is also experiencing continuous selling that could ultimately result in a retest of the $10 support.
Solana’s daily MFI (green), MACD and RSI (red) further confirm Solana’s weakness which could result in a loss of the $10 psychological support leading to lower levels of $7.14 and even $4.10. The latter two prices were last witnessed in January and February 2021, and they could be Solana’s last line of defence before a drop to the $3 price level.
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