- Year-to-date, the price of Solana has plummeted by more than 94%.
- Since FTX’s demise, the struggle for Solana blockchain has intensified.
The total market worth of all cryptocurrencies has fallen below the $800 billion threshold, signaling a continuation of the industry-wide decline. The value of the most popular cryptocurrency, Bitcoin (BTC), has fallen by 65% YTD, while the value of Ethereum (ETH) has fallen by 68% YTD. Although 2022 was the worst year ever for the Solana (SOL).
Year-to-date, the price of Solana has plummeted by more than 94%. The opening price of SOL this year was $172. At this moment, however, the average price of Solana is just $10.06. One of the most popular cryptocurrencies has seen a dramatic decline. As 2022 progresses, SOL has become a major loser.
Struggle Continues For Solana
BitMEX co-founder and cryptocurrency trader Arthur Hayes has spoken out. According to him, even “Solana” is a worthless cryptocurrency. He continued by saying that if the major financial press is pounding on it, it will eventually be a buy.
Nothing ever rises or falls in a straight line, Hayes said. In contrast, SOL prices have fallen by additional 12% in the last day. And its 24-hour trading volume has increased by a whopping 158% to $397 million. Its current market value is above $3.6 billion.
Since FTX’s demise, the struggle for Solana blockchain has intensified. The price of SOL has dropped by more than 73% in only the previous 8 weeks. Meanwhile NFT projects and Validators are also migrating away from Solana onto other blockchains.
Two of the most prominent NFT applications built on the Solana blockchain—DeGods and Y00ts—have recently announced their migration to the Ethereum and Polygon ecosystems, respectively.