Whales Liquidate As Solana’s Price Falls By 24 percent

Solana is experiencing difficulties as a result of this week’s FTX catastrophe. The system is once more exhibiting signs of instability, and the SOL value is also deteriorating.

Over the last 24 hours, the Solana native coin SOL has lost about 24 percent of its worth. Not as terrible as FTT, which dropped by 75 percent, but this is still twice as difficult as the majority of the marketplace. Everything related to Sam Bankman-Fried and his FTX exchanges seems to be suffering.

According to reports, the value of SOL drastically plunged from an hourly high of slightly above $30 to its present level of $20.78. In addition, the struggling coin has lost 92 percent of its value after hitting an all-time peak of $260 in November 2021. Also, it lost ground in the best ten cryptocurrency standings.

Solana Whales Might Sink

As their SOL holdings are being severely damaged by the price fall, Solana whales are liquidating their ranks. Wu Blockchain presented one instance on November 9. It depicted one whale getting slammed with a $44.8 million USDC debt while having 2.4 million SOL valued at just over $51 million in collateral. 

For that specific destination, the liquidation limit was $43 million. The market expert continued that the investments that SBF and FTX were putting in Solana and its network have been squandered.”

The Solana blockchain is experiencing operational problems once more, making matters worse. The statement that the Solana network is now suffering lowered functionality is displayed on its status dashboard. 

According to Colin Wu, the bottleneck was brought on by oracles revamping, which is bad news for users of the supposedly Ethereum killer.

The Fallout From FTX Impairs Markets For Solana Price

The Solana system experienced its most recent significant disruption in early October, lasting almost 8 hours. So far this year, Solana has experienced interruptions, system instabilities, or poor service in January, April, March, May, and June. If the large sums of funds financing it are to be removed, they are sure to grow worse.

Not just the Solana price is struggling right now. Over the last 24 hours, the cryptocurrency markets have lost 6.3 percent, bringing the overall value down to $955 billion.

Since the weekend peaks, when the market value exceeded $1.1 trillion, more than $150 billion has been lost. Eth has retreated to resistance at the $1,300 mark as Bitcoin plunged to $18,400.

Markets continue to trade inside their range-bound pattern amid the quick bleed out. However, more losses can surpass resistance and reach fresh bear market lows.

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