• Solana’s native token SOL has seen a remarkable 137% price surge year-to-date.
• The coin’s price plummeted after FTX fell in November, ending the year below $10.
• A turnaround for SOL comes on the back of positive sentiment from across the crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum founder Vitalik Buterin.
The cryptocurrency Solana has seen an impressive price surge over the past year, with the native token SOL increasing by 137% year-to-date. This is a remarkable comeback for the coin, which had plummeted more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange in November.
The downfall of the coin was tied to the downfall of disgraced crypto figure Sam Bankman-Fried, the founder of the exchange and Alameda Research. Bankman-Fried found himself in custody after both companies filed for bankruptcy, resulting in a sharp decrease in the price of Solana’s token, SOL.
However, over the past two weeks, SOL has seen a remarkable rebound, currently trading more than 62% higher than last week according to crypto market data aggregator CoinGecko. SOL is now trading at $23.26 across major exchanges on Monday, 16 January, 2023.
This rebound in SOL’s price has been attributed to a number of factors, including an increase in positive sentiment from across the crypto market, a broader market rally and meme coin-driven interest. In addition, Ethereum founder Vitalik Buterin recently expressed an optimistic outlook for the Solana ecosystem, which likely contributed to the token’s recent resurgence.
The remarkable 137% price surge of Solana’s native token, SOL, is a positive sign for the cryptocurrency, and could potentially be a sign of future growth. While it remains to be seen whether SOL will continue to rise and remain at its current levels, the recent surge is an encouraging sign for the coin and its investors.