This is due to the fact that two of the most prominent cryptocurrency exchanges have recently made troubling pronouncements that do not sit well with the Solana network.

OKX and Binance have both made announcements.

OKEx and Binance are two of the most prominent cryptocurrency exchanges in the world today because of the size of their respective user bases and trading volumes.

Tether (USDT) and USD Coin deposits can no longer be accepted on either trading platform, as both companies recently disclosed in separate announcements (USDC). The revelations initially caused confusion within the cryptocurrency groups.

The customers were unable to comprehend the rationale behind the exchanges' decision to halt trading in USDC and USDT. When this occurred, the administrators of the exchanges posted the rationale behind the suspension of the two most significant stablecoins.

The administrators made it clear that they have disabled the deposit function for the USDC and USDT cryptocurrencies, both of which are built on the Solana blockchain.

In point of fact, the exchanges had disabled the usage of Solana USDT and Solana USDC on their respective platforms for the convenience of their customers. Nevertheless, the choice that was reached by the exchanges left the communities with a bit of a perplexed feeling.

The reason for this is Solana's close relationship with Sam Bankman-Fried, who was the original founder of the FTX exchange (SBF). He was considered to be one of the most influential and influential backers of the Solana blockchain.

The decision to suspend the particular stablecoins was made by the exchanges after the SBF's exchange filed for bankruptcy, which resulted in losses of billions of dollars for millions of users.

As of the time this article was written, the trading price of Solana had dropped all the way down to $13.26 after plummeting more than 5% in the preceding twenty-four hours.

Over 90% of SOL has been Lost So Far This Year

During the most recent session of trading, the price at which SOL is traded fell by 5%. After both exchanges announced the temporary suspension of trading in stablecoins based on Solana, a fall was observed in the price.

At this time, the users are unable to process deposits for the USDT (SOL) or the USDC (SOL). When processing deposits for the USDT and USDC stablecoins, the users are not expected to encounter any difficulties.

The first cryptocurrency exchange to take precautionary steps and temporarily halt deposits for the aforementioned stablecoins was Crypto.com. They also clarified that the suspension of deposits will only be for a short period of time.

Neither of the exchanges has provided any indication as to when they intend to reverse their decision to suspend trading in the respective stablecoins.

The exchanges that have suspended the deposit functionality have given various reasons, including recent industry events and crashes that were triggered by the FTX exchange.

Solana has been one of the networks that has been most supportive of the FTX exchange and Sam Bankman-Fried, the person who founded the exchange.

The fact that it is affiliated with the FTX brand is the root of the issues that the Solana network is currently facing. Even in the last one hundred and twenty minutes, the price of SOL's trading has decreased by 3%, and it is currently trading at a low of $13.26.

SOL has lost more than 90 percent of its value since the beginning of the year, and it is currently trading at $13.26 per share.

It is strongly advised that investors do not put any money into SOL at this time due to the current circumstances surrounding the company and the connection it has with FTX.