Solana (SOL) Crypto Token Hits Lowest Level in Nearly Two Years

On Thursday, the native cryptocurrency of the Solana blockchain network, SOL, reached its lowest valuation in over two years. The value of SOL dropped under the $10 threshold for the initial time since February 2021 on Thursday, and traded at $8.88, reflecting a daily decline of 10.4%, after a decline of 12.0% on Wednesday.

After dropping 56.6% of its price in November, the crypto token has dropped 37.5% so far in December and reflects a whopping 95% from its January peak of $179.44. While certain crypto advocates argue that defunct FTX CEO Sam Bankman-Fried, who was a significant proponent of the Solana blockchain, is responsible for the latest sell-off, several blockchain viewers believe that FTX-affiliated Alameda Research’s wallets have turned effective once more, selling SOL in order to purchase Bitcoin and Ethereum.

Bankman-Fried, who confronts eight federal accusations from US authorities in relation to the downfall of FTX, was freed on $250 million bond past week, and his following court appearance is scheduled for January 3. Once a top-five cryptocurrency, SOL is currently rated nineteenth due to internal concerns.

Solana’s two largest non-fungible token initiatives, DeGods, and y00ts, have announced their departure from the blockchain for Ethereum and Polygon. Earlier in November, Raydium, an on-chain trade book automated market maker and a crucial component of Solana’s decentralized finances, was also compromised.