SOL - Why Solana Was Tumbling Hard on Thursday
Unfortunately for holders of cryptocurrency Solana (CRYPTO: SOL) on Thursday, guilt by association is a principle that often applies to financial assets as well as people.
The token fell by as much as 17% in the 24 hours prior to late afternoon that day before recovering to "only" a sub-4% loss while remaining under the psychologically important $10 price level. The key reason, fair or not, was Solana's association with Sam Bankman-Fried and his notoriously unsuccessful FTX.
Every day seems to bring more alarming news about Bankman-Fried and/or FTX and its affiliates. The FTX founder was one of the top boosters of Solana , which did the currency quite a bit of good before the exchange's collapse. Now, of course, it's about the most toxic association possible in the crypto world.
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Why Solana Was Tumbling Hard on Thursday