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Solana fell below $10.00 on the first day of 2023, plummeting more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange.
As in that case, Solana is a blockchain project associated with the infamous cryptocurrency figure Sam Bankman-Fried, founder of FTX and Alameda Research. After both companies filed for bankruptcy and Bankman-Fried was taken into custody, his Solana token in Native and his SOL plummeted.
Ending 2022 at around $9.66, SOL prices have made impressive bullish moves over the past two weeks. According to cryptocurrency market data aggregator CoinGecko, the token’s price is currently trading more than 62% over the past week, making a significant rebound.
Year-to-date, SOL is up more than 137% and is trading at $23.26 across major exchanges on Monday, January 16, 2023.
SOL’s Upturn Behind Positive Sentiment From Crypto Across, Including Ethereum Founder’s Optimistic Outlook For Solana Ecosystem Last Month Vitalik Buterin.
A rebound in activity related to decentralized finance (DeFi) and the meme coin craze has also led to Solana’s purchase of market action. Another factor driving the price of his SOL up in recent days is the broader enthusiasm in the market after what was typically stifling on the backend last year.
Crypto market platform Messari on January 12th highlight That Solana was far from “dead.” According to the company, on-chain data showed that both transaction volume and active accounts on the Solana blockchain surged to levels last seen before the collapse of FTX.
teeth @solana death? The basis may not be.
Both transaction volume and active accounts soared to pre-FTX levels.
Tweets and meme coins may be responsible for the recent activity, but it’s difficult to pinpoint FTX’s collapse by looking at these metrics. pic.twitter.com/hL05ixfLVw
Messari (@MessariCrypto) January 12, 2023
As CoinJournal previously covered, some of the increased activity followed the launch of the meme coin Bonk (BONK), which saw a significant surge in interest in Solana after the cryptocurrency was airdropped to the community.
