According to CoinGecko, Solana reached a low of around $9.73 by the time of writing. SOL hasn’t been below the $10 mark since its initial rise in February 2021.

Sam Bankman-Fried, the disgraced founder of FTX (CRYPTO: FTT), had been a great supporter of Solana and an investor in SOL, which was valued around $37 leading up to the FTX collapse.

Solana stabilized in the first half of December and hung around the $13 mark. SOL is down 29% over the last 30 days.

NFT marketplace Magic Eden and DeFi wallet Phantom are going multi-chain, leaving the Solana ecosystem as their exclusive environment, Melker explained.

These changes and hardships have led to a 95.7% loss in its value.

The fiascos that hit centralized projects like FTX have not taken Solana out of the running, which Vitalik Buterin attributes to the greater drive toward decentralization.

In their annual summary, Solana pointed toward greater emphasis on self-custody, technical upgrades including more node operators, and code updates to promote greater speed in transactions.