There was a time when the Solana blockchain was proud that it had the support of some of the most influential crypto market personalities
The teams at the Solana network were glad that people such as Sam Bankman-Fried had their back. However, all of this joy was due to the fact that SBF was considered a good man.
Today, he is being compared to the “Supreme Leader Snoke” of Star Wars for being evil as many claims he has executed the biggest fraud in the crypto-verse.
While SBF tries to save his reputation claiming he did not do anything on purpose, the Solana blockchain is no longer enjoying being linked with him.
For the Solana blockchain, it is the worst thing they could ask for in a million years. All the fame and reputation the blockchain had built over the years is gone due to a single mess-up caused by SBF.
Solana Network is Paying the Price
It is a fact that the Solana blockchain is paying the price for being connected with SBF at one point in time. The network did nothing wrong but it ended up getting backed by a person who is on $225 bail.
He was extradited to the US from the Bahamas for misleading the investors into investing in his exchange, only to use their funds for his company’s expansion.
With something like this happening, the investors were unhappy and they released their anger on every protocol they could find linked with FTX.
Unfortunately, Solana was the closest network to the FTX brand and its former CEO and it has paid badly because of that.
Solana Price has Plunged Tremendously
Due to the FTX crash, the Solana network has continued facing a demise and its native token “SOL” has gotten even worse.
The data shows that the trading price of SOL has experienced a major dip since the November 7 crash of the FTX exchange.
The data shows that on December 30, the value of SOL ended up hitting the lowest level it had hit since February 2021.
Who would have thought that an asset that had hit a peak price of $267.50 in November 2021 would struggle to maintain its price at $10?
The situation has been dire for the cryptocurrency asset as its value has plummeted tremendously since the FTX’s demise.
On December 30, the trading price of SOL hit a bottom trading level of $8. However, the bulls did not feel right and they mustered enough force to push its price higher.
A significant rebound was recorded in the trading price of SOL, bringing it up to a high of $10.25. This shows that the price of SOL had been pushed by more than 20% in the past 24 hours.
SOL Price is Down 97% from its ATH
Although the price of SOL did experience a significant push, still, it is way lower than the all-time high (ATH) it had hit in November 2021.
The investors are hoping that someday, they will see the price of the asset shoot up to its all-time high of $267.50. For now, the price of the asset being at $10.25 is 97% lower than the all-time high.
Due to the major upset and the constant bashing, the value of the asset has fallen enough to make it into the list of worst performers of 2022.
The tokens that have performed even worse than SOL in the year 2022 are LUNC (Formerly LUNA) and FTX Token (FTT).
These assets have recorded even higher plunges than SOL having recorded over 98% dips each.
For now, it does not seem that SOL has a turning point because things seem to be going against it. The general market sentiments are still bearish while many projects are leaving the Solana blockchain.
This means that the future of SOL is even darker than the year 2022 until a miracle happens.