Solana's price fell below the $10 threshold recently, signaling a two-year low.

For the first time since February 2021, Solana's value dropped below $10 on Wednesday, reflecting a 94% decline over the past year. In comparison, Bitcoin and Ethereum experienced a decline of 74.5% and 74.6%, respectively, within the same period.

Solana is currently valued at $9.73, which represents a nearly 20% decrease over the past week, including a 12% drop in just 24 hours. No other top cryptocurrencies have plummeted this drastically during the same time frame.

Concerns are mounting over potential sell-offs by major stakeholders, especially those linked to Sam Bankman-Fried, whose significant investments had previously inflated SOL's price between 2020 and 2021. Following the collapse of FTX and Alameda Research, Solana was notably hit hard. Bankman-Fried's market advocacy In November 2021, this cryptocurrency peaked at $250. Now, according to Coin Market Cap, Solana has slipped from being the fifth most valuable cryptocurrency down to 17th place. went bankrupt Recent news about leading Solana NFT projects, DeGods and y00ts, migrating to Ethereum and Polygon has significantly contributed to the downward pressure on Solana's price.

Both DeGods and y00ts have made the leap to different blockchain ecosystems. Following the launch of Aptos’ NFT marketplace Topaz in October, there are speculations that Aptos could emerge as a new favorite for digital collectibles over Solana.

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