Solana token price falls 24% as investors face liquidation

Solana is in trouble after the FTX token collapsed this week. The SOL price is also falling, and the network is not performing at its best again.

According to CoinGecko, the price of SOL has fallen from an intraday high of $30 to the current price of $20.78. Moreover, the token's current price was down 92% from its all-time high of $260 in November 2021. SOL has also dropped out of the top 10 largest cryptocurrencies by capitalization.

Solana whales are going into liquidation as their SOL position has been hit by the price collapse. On Nov. 9, Wu Blockchain cited one example. It showed that a specific whale with 2.4 million SOLs worth just over $51 million in collateral received $44.8 million in debt. The liquidation threshold for that particular address was $43 million.

Solana's last major outage occurred in early October when the network went down for about eight hours. In January, April, March, May, June, and October of this year, Solana had outages, network instability, and reduced performance.

Despite the short outage, markets remain within their range. However, further losses could lead to a break below support to new bear market lows. However, this is more of a plus than a minus, as severe drawdowns lead to even more reversals in the bull market.

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