What is left of Solana? SOL reaches its lowest price in two years

Solana (SOL), a crypto-currency from one of Ethereum’s main competitors among smart contract blockchains, continues to plummet. This Tuesday, December 27, Solana fell to its lowest level in nearly two years, barely holding above $10 per unit.

Since the beginning of December, the price of the crypto-currency has fallen by more than 23%. Thus, it accentuates the trend of a year 2022 to forget. This year alone, SOL has depreciated by 94%, after starting January above $170, according to data from Coingecko.

The last time Solana traded just above $10 a pop was in February 2021, just before a bull run For the entire crypto-currency market. In the same year, in early November, SOL reached an all-time high of nearly $260.

Solana’s share price has been affected lately, presumably, by the departure of many members of its community. The most recent of these are from the NFT world, with some projects reportedly migrating to other networks, rivals of Solana.

In addition, the network has lost many of its developers, resulting in problems with the network’s operation. During this year, Solana has been the victim of hacks and several crashes that have interrupted its operation.

These problems were compounded last quarter by Solana’s relationship with FTX, an exchange whose collapse put countless companies and projects at risk. As we have reported, even Solana’s long-term future has been called into question by the losses generated by the stock market collapse.