Solana price has spiked 137% YTD as cryptocurrencies soar

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  • Solana is currently changing hands at $23.26, up nearly 137% year-to-date.
  • The coin’s price declined following the fall of FTX in November, ending the year below $10.
  • SOL price surged amid positive sentiment, broad market rally and MIM Coin-driven interest.

solana Trading below $10.00 on the first day of 2023, the FTX cryptocurrency plunged over 73% in a massive dump following the exchange collapse.

As was the case, Solana is a blockchain project linked to infamous crypto figure Sam Bankman-Fried – founder of FTX and Alameda Research. Native Solana token SOL took a nosedive after both companies filed for bankruptcy and Bankman-Fried found itself in custody.

Solana’s SOL soars 137% year-to-date

After ending 2022 at around $9.66, SOL price has seen an impressive rally over the past two weeks. According to crypto market data aggregator CoinGecko, the price of the token has rebounded strongly over the past week to currently trade up more than 62%.

For its YTD value, SOL is up over 137%, trading at $23.26 on major exchanges on Monday, January 16, 2023.

The shift to SOL comes on the back of positive sentiment from across crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum’s founder. Vitalik Buterin,

There has also been a surge in activities related to decentralized finance (DeFi) and the meme coin craze. buy solana market action. Another factor driving SOL price up in the recent past has been the widespread euphoria in the market, which was generally tepid at the end of last year.

Crypto market platform Messari on 12 January shed light on That Solana was far from “dead”. According to the firm, on-chain data shows that both transaction volume and active accounts on the Solana blockchain increased to levels seen before the collapse of FTX.

as CoinJournal previously coveredThere has been some uptick in activity following the launch of the meme coin BONK (BONK), a significant increase in interest in Solana following an airdrop of the cryptocurrency to the community.

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