Solana drops further on concerns that large holders will sell

While many alt-coins weakened in early Wednesday trading, solana ( SOL-USD ) has tumbled the most, down 10% , amid worries that large holders will sell the token, Bloomberg reported . In the past year solana ( SOL-USD ) has plunged 94%. The token has been hard hit by the bankruptcy of Sam Bankman-Fried's FTX cryptocurrency exchange and his Alameda Research hedge fund, which had backed the token. Meanwhile, the two largest tokens by market value have declined more modestly. Bitcoin ( BTC-USD ) slipped 0.8% in the past 24 hours to $16.67K and ethereum ( ETH-USD ) fell 1.8% to $1.19K. Ripple ( XRP-USD ) declined 2.5% , dogecoin ( DOGE-USD ) -4.6% , cardano ( ADA-USD ) -3.8% , and polygon ( MATIC-USD ) -3.5% . SA contributor Mike Fay explains why solana ( SOL-USD ) is faced with more than just FTX contagion