The price of Solana (SOL) has fallen by another 11.29% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, SOL’s price stands at $9.95. The project that was once believed to be an Ethereum-killer has also seen its price drop 17.71% over the last 7 days.
SOL has been unable to stop its bleeding following the FTX downfall earlier this year. This, coupled with several network outages this year, has resulted in many in the crypto space questioning if the project has a future.
One important aspect to keep in consideration is the ranking of SOL on CoinMarketCap’s list. Since the downfall of FTX, Solana has dropped out of the top 10 list and is now ranked as the 17th biggest project in terms of market cap.
It is, however, at risk of dropping out of the top 20 cryptos list as well given that there is a slim margin that exists between SOL’s market cap and the market caps of the remaining projects lower in the top 20 list. A dropout of the top 20 list will be a lethal indication of SOL’s demise and should serve as a confirmation that the project will not make the next bull cycle.
At press time, SOL’s market cap stands at approximately $3,652,501,885. Meanwhile, the market cap of Avalanche (AVAX), which is ranked 18th on the list, is estimated to be $3,492,233,605.
Ranked 19 and 20 on CoinMarketCap’s list are UNUS SED LEO (LEO) and Wrapped Bitcoin (WBTC) with respective market caps of $3,413,487,489 and $3,055,475,782.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.