Does Solana want to accept the same fate as Terra Luna?
It is already known that today the crypto market is getting weaker when the mother of all cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) decreased by 65% and 68% throughout this year, but it should be remembered that the most affected asset in 2022 is Solana (SOL) .
This follows as SOL slipped more than 94% in the $9.68 price zone compared to its high earlier this year of $172.
The price movement has hurt SOL's position, where the digital asset was previously among the top cryptos dominating the charts but now its performance can no longer be sustained.
According to Arthur Hayes, co-founder of crypto exchange BitMEX stated that SOL will become one of the digital assets that many people grab in the future even though so far SOL is still considered a shitcoin by most investors.
In the meantime, the price of SOL has not only plunged more than 73% over the past 8 weeks, but non-fungible token (NFT) projects and validators have left SOL to switch to other blockchains.
Among the most important NFT projects in the SOL blockchain that have moved to the Ethereum (ETH) and Polygon ecosystems are DeGods and Y00ts.
As of this writing, SOL is down 12% in the past 24 hours but trading volume is up 158% at $397 million with a market cap of $3.6 billion.
