According to blockchain services, the value of the Solana token (SOL) continued to fall as of December 29, 2022. The price of the virtual currency has lost 5.85% over the past day, and has decreased by 22.5% in total over the past week. The digital asset was available for purchase at $9.43.

At the same time, analysts from CoinDesk emphasized that other major cryptocurrencies remained at the same price level without losing positions. The market capitalization of the entire industry has lost 0.8% in the last 24 hours as stock markets have faced new concerns about the coronavirus pandemic.

Thus, Hong Kong's Hang Seng index and Japan's Nikkei 225 lost about 1% as of Asian daylight hours on Thursday, December 29, while the Shanghai Composite fell by 0.44%. According to Bloomberg, the decline in stock prices also occurred against the background of a weakening of the desire to take risks among market participants. This traditionally happens in the last days of the year.

The pressure on Solana arose because of their close ties of the blockchain startup with entrepreneur and founder of the FTX exchange Sam Bankman-Freed. He was charged with fraud and misappropriation of funds of clients of the trading platform.

Since 2020, Bankman-Fried has acted as a key supporter of Solana, launching the decentralized exchange Serum in the then network and investing significant funds from the Alameda Research fund in the development of projects of the entire ecosystem.

According to the DeFiLlama service, in addition to the drop in prices for the SOL cryptocurrency, the cost of Solana-based applications has decreased by about 98% since November 2021. Experts noted that a sharp drop in Solana's indicators occurred after the collapse of Terra (LUNA) in May of this year, the fall of the market in July and after problems related to FTX were revealed at the beginning of last month.