Investing.com – With a fall of 10.64% over 24 hours and more than 20% over a week, this Thursday morning is the cryptocurrency which shows the worst performance of the top 20.
Currently at $9,715, the Solana has broken below the key $10 threshold for the first time since February 2021. Furthermore, following Wednesday’s fall, the Solana is now showing a fall of nearly 95% in its value in 2022.
Solana, which suffered more than other cryptocurrencies from the FTX bankruptcy scandal because the cryptocurrency was backed by Sam Bankman-Fried, tumbled on Wednesday amid concerns that large holders could be on the verge of dispose of their assets, according to information obtained by Bloomberg.
Recall that Solana (SOL) was hurt by the bankruptcies of FTX, Bankman-Fried’s cryptocurrency exchange, and its hedge fund Alameda Research, which had backed the token. The ex-billionaire was a strong supporter of Solana and had invested significantly in both SOL and the Solana ecosystem.
“General confidence in Solana’s future has taken a hit given its close connection to SBF,” said Martin Lee of blockchain research firm Nansen, according to comments reported by Bloomberg.
In addition, DeGods and Y00ts, two of the main NFT projects on the Solana blockchain, are leaving the ecosystem, we learned on December 25, raising fears that other projects will follow the same path.
DeGods will be linked to , while lesy00ts will be linked to Polygon, a network itself based on Ethereum, thanks in part to a grant from Polygon Studios to make the move.
Finally, from a graphical point of view, we note that the $9.50 threshold is a potential short-term support for the Solana, while the psychological $10 threshold is the first resistance to take into account.