Crypto

Crypto Billionaire-Backed Firm Delists Solana (SOL) Products

Another crypto platform parted ways with Solana as TVL and SOL price downfall continues due to FTX contagion. Crypto asset management firm Matrixport will delist Solana and Solana-U dual-currency investment products on December 30. Matrixport is founded by Jihan Wu, a crypto billionaire and co-founder of bitcoin mining hardware giant Bitmain.

Matrixport Announces Delisting Solana Products

Crypto reporter Wu Blockchain in a tweet on December 29 said Matrixport has announced that it will delist Solana and SOL-U dual-currency investment products on December 30. Moreover, the digital asset management firm will not launch new SOL products in the future.

Also, Matrixport launched the industry’s first Solana Dual-Currency Product in June this year. The Dual-Currency Product offers investors to take advantage of market opportunities in times of volatility to generate yields. However, the 73% downfall in the SOL price following the collapse of FTX made the firm delist Solana from its products.

Matrixport became the latest firm to part ways with Solana after many NFT projects and validators announced moving to other blockchains. Recently, DeGods and y00ts, top NFT projects, announced plans to shift to Ethereum and Polygon, respectively. According to DappRadar, DeGods and y00ts are the top 2 NFT collections on the blockchain.

Struggles for Solana continue as it saw several blockchain halts, exploits, and developer activity ceases in a year. Moreover, the TVL on Solana has dropped from $10 billion to $210 million in just a year, as per DeFiLlama.

SOL Price Tumbles Below $10

SOL price on Wednesday tumbled below $10 for the first time in the last two years. The SOL price has dived over 2% in the last 24 hours and 20% in a week.

At the time of writing, the SOL price is trading at $9.70. The 24-hour low and high are $9.52 and $10.27, respectively.

Crypto analysts predict a fall to $8.20. Moreover, even if the SOL price break above the $10.50 resistance level, the rally may not sustain for long periods.

Also Read: BitMEX Founder Arthur Hayes Calls Solana A “Shitcoin”

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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