The value of the decentralized finance (DeFi) token Solana (SOL) continues to slump amid concerns over the network’s close association with the now-collapsed FTX cryptocurrency exchange. Notably, the price drop has accelerated after the arrest of FTX founder Sam Bankman-Fried.
At the moment, Solana is valued at $9.39, a drop of almost 7% in the last 24 hours, while on the weekly chart, the token has plunged by almost 20%. The latest drop follows a sustained trend of decline that saw the asset lose the $10 support position.
Furthermore, Solana has been recording sustained selling pressure, with the market capitalization dropping by almost $890 million in a week to stand at $4.35 billion by press time.
Solana seven-day price chart. Source: Finbold
Impact of Solana-FTX association
Although Solana has battled the prevailing general market sell-off, the asset hopes of emerging as an ‘Ethereum (ETH) killer’ appear dented as the fallout from FTX continues. Notably, the general confide
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