Solana Continues To Decline, With The Token Down 96% From All-Time Highs

Key Points:

• Solana experienced another precipitous decline, falling below $10 for the first time since February 2021.
• Solana’s price decreased by as much as 13% on the previous day. The decline coincides with broader market sell-offs; in percentage terms, only LUNC, LDO, and XCN are down more.

Today, Solana experienced yet another precipitous decline, falling below $10 for the first time since February 2021.

Early on December 28 (GMT), bulls entered around $9.66, sparking a rally that reached a high of $10.20. As at the time of publication, SOL had briefly fallen below $10 twice and was trading just below the psychological $10 mark at $10.02.

Since the FTX collapse, SOL has been under pressure due to the project’s close ties with the disgraced exchange.

However, hardcore believers continue to be optimistic in the face of adversity. For example, @LitecoinYagami tweeted:

“Solana will have the greatest comeback story in crypto history. I can see it already. Stay strong.”

Others, like @IvanOnTech, are less optimistic about the project’s future, as seen by the fact that SOL’s market cap has dropped to 17th place recently, below TRON and Shiba Inu. Moreover, he mentions the developer exodus as a warning of even worse things to come.

“Solana is now below Tron and even SHIB 

Sadly, I think this is EOS 2.0

Devs don’t want to build on a dying infrastructure, Solana projects likely migrate to EVM L2s.”

Solana is being pressed

Solana’s price decreased by as much as 13% on the previous day. The decline coincides with broader market sell-offs; in percentage terms, only LUNC, LDO, and XCN are down more.

The year 2022 has been turbulent for cryptocurrency markets, but SOL has fared worse than others because of its strong backing from former FTX CEO Sam Bankman-Fried.

SOL has lost 94% of its worth so far this year. The coin is also down 96% from its all-time high, $259.96, on November 6, 2021.

There is a crisis of faith in the project’s ability to recover from the FTX disaster, as seen by the falling token price and developers and projects defecting.

Solana has a chance to rise to the occasion, @IvanOnTech said in response to his earlier statement. Solana can change the situation to “dominate the next bull market despite the odds,” he continued, with “enough will and work.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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