Solana Down 97% From Its Peak, What's Ahead For Altcoins?
December 30, 2022
Story: Mohd Javed
Solana, the cryptocurrency once supported by Sam Bankman-Fried, suffered losses on Friday, a day after falling to its lowest level since February 2021.
As per the data, the Solana network’s Total value locked (TVL) is down by 97%.
Nevertheless, the intraday recovery did little to offset the overall bear trend — down 97% from its record peak of $267.50 in November 2021, and down over 20% in the past week.
But while the year has been brutal for markets, Solana now joins the ranks of the worst-performing tokens of 2022, namely FTX Token and LUNA, which are down around 98%.
The recent collapse of SBF’s FTX and Alameda has dragged the token into the max turbulence zone.
With prices constantly falling, the overwhelming fear has most traders on edge, unwilling to take risks as they expect further declines in the market.
Altcoins are likely to remain bearish for a long time to come as the entire crypto industry continues to struggle.
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