Cryptocurrency Solana (SOL) was one of the victims affected by the fall of FTX and Alameda with a plunge of 20% in the last 24 hours which is now trading in the $15.20 zone.
It is understood that SOL suffered a drastic fall following Alameda's Chief Executive Officer (CEO), Sam Bankman-Fried, sold a number of holdings of the digital asset and bought FTT tokens so that the price would not drop again.
In fact, investors are more interested in supporting the BNB chain than SOL after Binance CEO Changpeng Zhao (CZ) announced that he would buy FTX tokens and control 10% of them.
In general, Sam Bankman-Fried is a staunch supporter of SOL, but he is not sure how long his support will last as his company is currently in trouble.
Meanwhile, the SOL whales who have liquidated a large amount of crypto are also the cause of the sharp drop in price.
As proof, whales reportedly have SOL worth more than $51 million in collateral and 44 million for USDC.
In the meantime, investors are said to be experiencing the same situation as LUNA and this fall is likely to result in many more SOLs being sold on the open market.
If investors and institutions get nervous, then the price of SOL will continue its plunge which is currently trading at a discount of up to 90%.
