One of the main reasons why Solana crashed is the crash of the cryptocurrency exchange FTX. Solana has direct financial ties with Sam Bankman-Fried, the CEO of FTX. As a result, Solana was affected by the crash more than most other cryptocurrencies. Another reason for Solana’s price drop is the overall bear market. Moreover, rising U.S. Bond Yields, as well as regulatory uncertainty, are also the reasons behind the bearishness.
Additionally, Solana’s outages could negatively impact its price. If this issue continues, Solana’s potential for growth will be limited because the blockchain will not be able to meet the needs of its users. However, if Solana fixes these issues, its adoption will skyrocket, which could cause its price to increase significantly.
