As witnessed by the entire market, the collapse of FTX caused havoc in the crypto industry. Not just the FTX token [FTT], but a plethora of other assets succumbed to Sam Bankman-Fried’s scam. Solana [SOL] was one of the heavily disrupted assets. The altcoin’s market cap as well as price saw a drastic drop over the last couple of weeks. While several other assets were trying to navigate their way back into recovery, SOL continued to plummet.
At press time, the asset was trading for a low of $11.79 following a 9.45 percent daily drop. It should be noted that over the last couple of days, Solana’s price dipped by 16.70 percent. The asset dropped to a yearly low of $11.61, earlier today.
The yearly chart of Solana highlighted the drastic drop that the asset encountered throughout the last year. It should be noted that back in November 2021, the asset hit an all-time high of $260.06. At present, SOL was trading 95.47 percent below this level.
In addition to its price, Solana’s market cap also dropped which further pushed it down the crypto ladder. After residing in the coveted top 10 for the longest time, SOL was currently the 16th largest crypto with a market cap of $4.28 billion.
Solana network updates untethered by price action
Right after the collapse of FTX, the Solana network rolled out a snapshot of the state of the network. They reportedly did so in order to shed light on the exposure to the FTX saga and the level of transparency within the network.
However, an array of them was complaining of the network abruptly shutting off. This was due to an update that was still in its testing phase. Over the weekend, however, Anatoly Yakovenko, co-founder of Solana Labs took to Twitter and made an announcement about the same.
It was brought to light that only 44.53 percent of the total validators had upgraded. Therefore, he went on to urge the others in the network to upgrade to 1.13.5.
Despite the strain on SOL’s price, Solana Labs seemed to be moving forward with other network developments.