Solana ($SOL.X) is no longer a Top 10 market cap cryptocurrency – let that soak in for a minute. Instead, the once-touted Ethereum-killer Solana struggles to hold onto the $12 value area. At its peak, Solana was trading near $265.
Solana’s position in the Top 10 was taken by Tron ($TRX.X). This is not surprising, considering how Solana and Tron have traded this year.
The image below is Tron’s weekly chart. Believe it or not, Tron is one of the best-performing cryptocurrencies out there for 2022. Most of the cryptocurrency market is down over 60%, but Tron has kept its losses (so far) to -34.6%.
But if we look at Solana’s chart, we get a wholly different story.
Solana has lost over -93% since January 2022 and over -95% since its all-time high in November 2021.
Why is Solana bleeding off like crazy? Long story short, tied to the now-bankrupt FTX. You can read last Friday’s article for more details. 🩴