On the 30th of December, Solana’s native token, SOL, also known as Ethereum killer, continued to follow declines, as it plummeted by more than 16% over the past 24 hours. With this price decline, SOL, the token powering the eponymous blockchain network Solana, fell out of the top 20 cryptocurrencies ranked by market cap.
According to data from CoinGecko, the price of Solana hit $8.17 per coin, the lowest price seen since February 2021. On the 28th of December, the worst decrease in the price of Solana began as it hit below the $10 mark for the first time since February 2021, the time when it began trading in the market. But over the past 24 hours, the price of SOL has decreased more sharply, more than 16%.
Today, Solana’s drop over the past seven days reached 32%, while in the past two weeks, this value touched 41%. With today’s bearish price action, overall, Solana is down more than 97% from its all-time high value of around $260, which it recorded in last year’s November. And with today’s price action, SOL fell out of the top 20 cryptocurrencies by market cap.
According to data from CoinGecko, the market cap of Solana currently stands at around $3 billion in total, making it the 22nd largest cryptocurrency. While in November 2021, its market cap was above $76 billion, and it ranked in the top 10. With today’s hefty loss, Solana became the first cryptocurrency in the top 100 that has posted a double-digit percentage loss in the past 24 hours.
The reason behind this consistent price decrease is likely related to the collapse and bankruptcy of FTX, which was once the biggest crypto exchange in the world and now is nothing, and its founder & ex-CEO Sam Bankman-Fried. Since the collapse of FTX, the price of SOL has been decreasing because Sam is one of the vocal supporters and praiser of the SOL token and the broader Solana ecosystem.
