Solana plunges down to $16 amid heavy liquidation and network problems due to FTX crisis

ZUG, Switzerland - (TechtUSA) The chain of events between FTX and Binance, continues to influence the cryptocurrency markets negatively. The big declines in Solana (SOL), known to be heavily invested by FTX and SBF, continues to affect investors all over the world. Moreover, Solana is also reported to have heavy liquidation and network problems. 

Solana (SOL) falls to $16, networks are heavily congested

Solana (SOL) has seen one of the lowest prices since August 2021. According to latest CMC datas, Solana has plunged to $16.55, dumping more than %40 in 24-hour basis. This is the lowest price SOL has been recorded this year and was last seen in early March 2021. This crash also kept Solana out of the top 10 biggest coins, where it sat down for months.

As a result of this crash, Solana whales faces with the risk of liquidation of their SOL positions. Wu Blockchain provided one example on November 9. It showed a whale with 2.4 million SOL worthing over $51 million being hit with a $44.8 million USDC debt. 

Moreover, the Solana blockchain is experiencing heavy performance issues once more. It is reported on its dashboard that "The solana network is currently experiencing degraded performance." At the beginning of October, the Solana network experienced its last significant outage, which lasted approximately eight hours.