For the First Time in Nearly Two Years, Solana (SOL) Price Drops Below $10

The price of Solana (SOL), the native token of the open-source Solana blockchain, has dropped below $10 for the first time in almost two years.

The price of once-surging altcoins started falling drastically in the early hours of December 28th. However, despite dropping to $9.93, the token picked itself up and shortly, SOL was worth $10.25.

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However, afterwards, things started going downhill. At one point, on December 29th, SOL retailed for $9.32.

The last time Solana (SOL) retailed for less than $10 was in February 2021. At that time, Solana’s price was only starting to take off. In November 2021, it reached its all-time high when it retailed for almost $260 per coin.

Since then, Solana has lost almost 96% of its value. It can be assumed that FTX’s collapse had a major impact on SOL’s downfall. The former FTX CEO and co-founder Sam Bankman-Fried was vocal about supporting Solana and investing millions into the Solana ecosystem and its native token, SOL.

Therefore, due to apparent close relations with Sam Bankman-Fried and FTX, Solana’s price fell significantly after the news broke that FTX had filed for Chapter 11 bankruptcy. It is worth noting that before FTX collapsed, SOL retailed for over $37. 

At the beginning of December, the SOL price appeared to have stabilized and held its value of around $13 per coin. Shortly after, Solana received another hit from its most valuable and popular NFT projects, y00ts and DeGods. The company behind NFT projects, Dust Labs, plans to start bridging its NFT projects on Ethereum and Polygon blockchains.

It can be assumed that the announcement from Dust Labs impacted yet another SOL price drop. At the time of writing, SOL retails for $9.42, recording a 5.90% price decrease in the last 24 hours.