Even with the prices for top cryptocurrencies like Bitcoin and Ethereum sitting relatively stable over the last month, Solana has continued to bleed out. Early this morning, the once-surging altcoin fell below the $10 mark—the first time it has done so in almost two years.

Solana (SOL) hit a recent low of $9.90 early on Wednesda, per data from CoinGecko, although it has rebounded slightly to an even $10 as of this writing. The last time that Solana traded for less than $10 was in February 2021, just as the cryptocurrency was beginning its ascent.

Six months later, Solana exploded in price and began a meteoric rise in value that would top out at nearly $260 per coin in November 2021. Since then, Solana has shed nearly 96% of its value, compared to a 76% drop for Bitcoin and Ethereum from their respective all-time highs the same month. 

Solana’s accelerated bleeding over the past several weeks was jump-started in large part by the collapse of FTX and Alameda Research, the two companies founded by Sam Bankman-Fried (SBF). The one-time billionaire was a vocal supporter of Solana and had invested significantly in both SOL and the Solana ecosystem.

(by Andrew Hayward)