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The Solana community lets out a sigh of relief as Solana’s SOL token spikes 80% in the second week of 2023. Solana has increased almost 130% since 2023 started after suffering the most since the FTX implosion in November 2022.
According to CoinGecko, the price of SOL has more than doubled this month, climbing more than 60 percent to $23.55 in the last seven days.
The Solana ecosystem plummeted almost 98% to $210 million, from its peak of $10.17 billion in November 2021, causing uncertainty in the community.
But Solana momentarily pulled down Polygon MATIC and returned to the list of the top 10 digital assets by market cap after the spectacular surge, now sitting at the 11th position. New Year, New Milestones!!
Solana traded as low as $9 at the height of the uncertainty, with Solana not only losing its most popular NFT project, DeGods but also the y00ts NFT collection from its platform.
Solana’s active wallet has risen by more than three times since FTX collapsed in November. Even decentralized exchanges on Solana DEXs have seen an 83% increase in total active wallets since the beginning of 2023.
Solana’s rising number of active wallets coincided with the emergence of the Bonk Inu meme coin within its ecosystem. BONK experienced a gain of almost 130%, reviving interest in the Solana ecosystem.
Recently, even Vitalik Buterin expressed support for Solana developers’ causing the SOL token price to hike. Will all these positive movements continue for the rest of the year is still an open question. Even yet, given the effect of the FTX collapse on the protocol, it demonstrates that the Solana network is on the right track.
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