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Solana, a cryptocurrency that Sam Bankman-Fried once supported, experienced huge losses.
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On Friday, it fell to its lowest level since February 2021. According to the data, Solana's Total Value Locked (TVL) is down 97%.
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However, the intraday rebound did not offset the overall bear trend.
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It fell 97% from November 2021's record high of $267.50 and was down more than 20% over the past week.
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Despite the harsh year for markets, Solana joins the ranks of the worst-performing tokens in 2022:
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FTX Token (down around 98%) and LUNA (down about 98%).
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The token has been dragged into the maximum turbulence zone by the recent collapses of SBF's FTX, Alameda, and SBF's FTX.
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Traders fear falling prices and will not take chances as they anticipate further market declines.
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Altcoins will likely remain bearish as long as the whole crypto industry struggles.