Historical replay · SOL/USD
Solana's Crash in the FTX Contagion (November 2022)
Solana was closely tied to FTX and its founder, one of the blockchain's most prominent public backers. During the FTX collapse (already covered in this replay for Bitcoin), SOL crashed far harder than most other crypto assets.
Unlike many other blockchains, Solana had a particularly close tie to FTX: the exchange's founder was among the largest public holders and backers of SOL, and several projects in the Solana ecosystem had received direct funding from FTX or its affiliated trading firm, Alameda Research. This closeness made Solana especially vulnerable once confidence in FTX began to crack.
While Bitcoin fell from around $21,000 to below $16,000 during the November 2022 FTX collapse (a drop of roughly 25%), Solana suffered a far more severe crash, losing over 50% of its value over the same period. Investors feared not just a generic hit to crypto sentiment, but direct, specific damage to the Solana ecosystem, given its dependence on FTX for liquidity, development, and public backing.
This replay, paired with the Bitcoin-focused one covering the same period, lets you observe side by side how the same macro event can hit different assets very differently, depending on how directly each is exposed to the triggering cause — an important lesson in how "correlation" between crypto assets is never uniform, especially during specific stress events.