Cryptocurrency Solana has fallen in price by 87% from its historical high

According to TradingView analysts, most altcoins have fallen in value by more than 70% compared to their 2021 highs. Solana is on this list, down 87.5% from its all-time high.

Due to the risk of a SOL collapse, Solend, a cryptocurrency lending platform on the Solana blockchain, announced the setting of a borrowing limit for each account of $ 50 million and a reduction in the maximum number of liquidations.

Obviously, Solend is going through a rough patch. Recently, the Solend community voted in favor of a proposal to take control of the assets of the so-called whale (the user took out a $ 108 million loan from the stablecoin secured by 5.7 million SOL), but in a new vote, the decision was canceled. It was due to a flurry of criticism on social media — users were against it. Therefore, during the second vote, 99% of respondents voted in favor of canceling the first decision. The question of how the majority in the first vote was obtained remains open.

However, TradingView analysts also emphasized that there are factors that can positively affect the future of Solana. For example, the value of SOL rose last week after the announcement of the launch of a smartphone designed for the Solana cryptocurrency. The new smartphone will be called Saga. Among the technical specifications are: memory (512GB SSD and 12GB RAM), display (6.67 inches), and processor (1st generation Snapdragon 8).