Can it be saved?

That is an ambulia, not cabomba. And that requires medium to very high lighting. Without an upgrade on your lights, it's going to do what it's already doing.
 
you could move the tank closer to a window so it could get some natural light(but not directly in the sun)
 
Yup that is ambulia. I got some with my yellow shrimp. As for lighting I have 2 CFL 40 watt plant bulbs that hang over all my planted tanks. My plant has not only doubled in size since I got it but is now shooting out new shoots. Maybe look into a "plant" light that works with your aquarium? I got mine at home depot and if they sell 48" I am pretty sure you should be able to find one that fits yours, they had smaller ones there as well. I do think it can be saved with better lighting. How long are your lights on? (sorry if I missed the answer) when I got my plants I was told 10 hrs, I leave mine on about that amount of time. I turn them on at 7am and off around 5:30.
 
Yup that is ambulia. I got some with my yellow shrimp. As for lighting I have 2 CFL 40 watt plant bulbs that hang over all my planted tanks. My plant has not only doubled in size since I got it but is now shooting out new shoots. Maybe look into a "plant" light that works with your aquarium? I got mine at home depot and if they sell 48" I am pretty sure you should be able to find one that fits yours, they had smaller ones there as well. I do think it can be saved with better lighting. How long are your lights on? (sorry if I missed the answer) when I got my plants I was told 10 hrs, I leave mine on about that amount of time. I turn them on at 7am and off around 5:30.

I could try a "plant" light but I am restricted to one 18" bulb by my hood. That's all it will accomodate. It's worth a try if I can find one that size.

I have the tank light on for at least 10 hours every day. In addition to that, I get some indirect sunlight from the picture window on the opposite wall. That's why I didn't suspect a lighting problem.
 
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