TLDR:
- The leading analyst of Crypto Donalt says that Solana’s reputation went from “beloved” to “hated” due to generalized scam losses on blockchain, the first warnings concerning the culture of scams ignored for Growth metrics.
- Solana’s leadership has been criticized for having enabled a scam behavior, contrasting with the Vitalik Buterin d’Ethereum which actively opposes fraudulent activities.
- Despite reputation problems, Solana shows fundamental solids with high activity of developers, a dex -to -head performance and potential ETF approval prospects.
- The Pumpfun Pumpfun Pumpfun of the platform became controversial in 2024, which led to the FCA blocking the website in December.
- The current price analysis shows $ 183.37 with 84% of users remaining bullish despite a recent decrease of 5.68%.
Donalt, cryptocurrency analyst with more than 650,000 subscribers, recently stressed how Solana’s reputation suffered a dramatic change. “Sol has gone from beloved to hate quickly only because everyone on the channel has lost all their money for scams,” said the analyst on X.
The big lesson in this cycle for L1S is that you want to attract users as a floor
But you want to prevent them from being scammed so as not to tarnish your reputation
Sol has gone from beloved to quickly hated only because everyone on the channel has lost all their money because of scams
– Donalt (@cryptodonalt) February 16, 2025
The controversy focuses on early alert panels that would have been neglected during Solana’s development phase. Community members have raised concerns about fraudulent activities on the channel, but these warnings have been rejected as the growth-based platform on its user base and transaction numbers.
A key discord emerges in the comparison between the approaches of Solana and Ethereum in terms of fraud prevention. While the co-founder of Ethereum, Vitalik Buterin, adopted an active position against fraudulent behavior, Solana’s management was criticized for what some perceive as a more passive approach to fight against scams on their platform .
The situation reached a head in 2024 With the climb of the pumpThe Solana coin factory. The platform has generated many cryptographic tokens and drew the attention of regulators, which finally led to the action of the Financial Conduct Authority (FCA) of the United Kingdom. In December, the FCA blocked the Pumpfun website, indicating that the platform operated without appropriate authorization in the country.
Donalt suggests that the Pumpfun phenomenon has had broader implications for the cryptocurrency market. “I will always maintain the idea that Pumpfun / Sol has drained the first season of the Haussier market. And he entered the pockets of crooks and scratches, ”noted the analyst.
Solid technical performance
Despite these challenges, Solana continues to show solid technical performance. The network has attracted the largest number of new developers among the blockchain platforms and exceeded Ethereum in the costs generated, indicating a robust use of platforms.
The decentralized Solana (DEX) Stock Exchange Raydium surpassed UNWAP in the volume of exchanges, demonstrating the growing role of the platform in decentralized finance. The network has also been established in emerging sectors, including AI agent token and decentralized sciences (DESCI).
The technical achievements of the platform positioned it as a leading candidate for the approval of the ETF in 2025, highlighting the contrast between the performance of its market and the challenges of reputation.
Current data on the market show resolution at $ 183.37, after a decrease of 5.68% of a period of 24 hours. However, the technical analysis of analyst Ali Martinez indicates that Sol maintains a parallel channel model, suggesting potential price stability.
#Solana $ Soil seems ready to bounce around $ 225 or even $ 264!
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– Ali (@ali_charts) February 14, 2025
Soil price
The feeling of the community remains largely positive, 84% of users retaining a bullish perspective on the future of Solana. This optimism persists despite the current debates on platform safety and fraud preventive measures.
Recent statistics for creating tokens show that more than 90% of the new T4 2024 tokens were launched on Solana’s blockchain, indicating a continuous preference for developers for the platform despite the controversies.
British regulatory action Against Pumpfun represents the most recent major development in Solana’s during the challenges of fraudulent activities. The December 2024 decision of the FCA to block the website marks a concrete regulatory response to concerns concerning unauthorized financial operations on the platform.
According to technical indicators, the ground price movement suggests potential objectives of $ 225 or $ 260 if current trend models are held, showing that market performance continues independently of reputation discussions.