Within a couple of weeks, Solana has tumbled from being ranked amongst the top ten cryptocurrencies with disruptive applications showcased as the ETH-killer. Considering the price action showcased in the previous year till 2021, the expectation from SOL was at an all-time high when it touched the peak value of $265 just a year ago in November 2021. 

The market capitalization of the token made it among the top 5 tokens at the time. Still, with the drastic development and negative news created by the LUNA crash followed by the FTX crash, the hype coins are being hit the hardest. The value for SOL is headed below the Feb 2021 levels, which is months before the hype ever began. 

While there was a 6x price gain in the three months from November 2020 to February 2021, the outlook for this token has become the biggest heartbreaking scenario for enthusiastic investors who sided with Solana based on its performance and developments. At present, Solana has tanked by over 65% in just November 2022, destroying the gains of the last two years.  

(By Roxanne Williams)