🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

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

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

Solana (SOL) is worth less than $10 for the first time since February 2021.

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.

What is Impermanent Loss in Crypto? (Explained With Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Impermanent Loss in Crypto? (Explained With Animations)

What is Impermanent Loss in Crypto? (Explained With Animations) What is Impermanent Loss in Crypto? (Explained With Animations)

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.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating