Solana (SOL) is down more than 25% in the past 24 hours as crypto pops amid shocking news developments around the crypto exchange FTX.

SOL price dumps 25% as analyst points to Binance/FTX crypto news

The SOL/USD pair, which was priced above $32 early Tuesday, has touched lows of $24 as selling pressure across the crypto market saw all the major cryptocurrencies turn red on news Sam Bankman-Fried’s FTX was in trouble and Binance had moved in to help by agreeing an acquisition deal.

Ran Neuner, of CNBC Crypto Trader and founder of Crypto Banter, pointed to SOL’s price woes as related to what a Binance deal for FTX means for Solana.

“Solana [is] getting killed,” he tweeted as crypto prices across the market fell.  According to the analyst, the market was just realising that Binance CEO Changpeng Zhao “now owns 10% of the tokens and that he would rather support the BNB chain than SOL.”

He added:

“Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.”

Solana getting killed. Market realizing that @cz_binance now owns 10% of the tokens and that he would rather support BNB chain than SOL. Also Solana just lost all the support and investment that FTX and @SBF_FTX were making in the ecosystem.

— Ran Neuner (@cryptomanran) November 8, 2022