
Solana has been on a downward trend since the demise of FTX, with investors selling their SOL holdings for their ties to Sam Bankman Freed’s crypto empire.
SOL Down 55%
According to CryptoSlate data, SOL was one of the worst performing digital assets in the last 30 days.Digital Assets Fall Over 55%, Trading in $13.85 in press time.
Solana surged above $35 on November 5, but things took a turn for the worse with reports of FTX’s bankruptcy. The value of the blockchain network was adversely affected when Binance revealed its intention to acquire FTX.
the market analyst had guessed Binance was able to prioritize its tokens, which further pushed SOL’s value down. However, the exchange led by Changpeng Zhao eventually withdrew from trading.
During this turmoil, Solana dropped to $11.01.
Solana DeFi ecosystem TVL down 70%
Solana’s thriving Decentralized Finance (DeFi) ecosystem has also been affected by the FUD surrounding the network. According to DeFillama datathe total value locked in the ecosystem (TVL) has crashed by 70% in the last 30 days.

TVL has fallen to just over $300 million at press time, compared to $962.31 million in early November and about $9 billion in early December 2021.
All major Solana-based protocols such as Solend, Raydium, Orca and Marinade Finance claim TVL drops of 60% or more. A serum that is DEX linked to Sam Bankman Freed, Declared As such, it is “dead” and relies on community efforts to fork the protocol.
Solana NFT performing well despite recession
Meanwhile, Solana’s NFT market continues to grow steadily.
Solana DeFi TVL dropped 70% in November, but Solana NFT data is still growing, with average transaction volume up 67.7%. The goodness index rose 28.9% to 82.109. Solana still has quite a few NFT projects, players and communities. https://t.co/4ua9loNzrO
Wu Blockchain (@WuBlockchain) December 1, 2022
Kure Blockchain Average trading volume Solana NFT rose 67.7%. He, Excellence index It increased by 28.9% to reach 82.109 SOL.
Some of the top Solana NFT collections, such as y00ts and DeGods, have seen massive sales in the last 30 days, according to DappRadar data. According to the data aggregator, y00ts sales increased 528.82% to 7,942, while DeGods recorded his 324.12% increase in sales.
Solana NFT volume also increased 141% to $255 million on OpenSea and 62% to $94.48 million on Magic Eden.