Solana (SOL) is back on track with a 68 percent weekly gain and a good 140 percent year-to-date gain. What’s driving Solana after SOL was ticked off by the FTX crypto exchange crash?
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Crypto 2023 is off to a much better start for Solana (SOL) than widely expected
As recently as New Year’s Eve, Solana faced a thoroughly sobering year, which was marked by the bankruptcy of FTX, Alameda Research and other backers from Sam Bankman-Fried’s crypto empire. But in the two weeks since, SOL has been experiencing a rally, a good 140 plus over the last 14 days proving new tailwinds for Solana, with 68 percent weekly gain having the trend on its side.
One of the main reasons for Solana’s momentum is the successful launch of the memecoin BONK in the ecosystem. Fans are not distracted by the discussions about the sense and nonsense of Memecoins and have adopted BONK, almost 300 percent plus in the price curve since the beginning of the year speak a clear language. The first NFT collection for BONK was also well received by the markets. Scenarios are emerging here as to how Solana’s ecosystem can expand again even without the backing of major investors.
A second indication of Solana’s continued appeal comes from Helium (HNT). Helium is focused on the Internet of Things (IoT) and had announced shortly before the FTX crash that it was moving its network to Solana. This decision was reiterated via Twitter, also under the changed situation of Solana, the migration is to be implemented in Q1 2023. So here again SOL experiences support, which emphasizes technological advantages of Solana and is not deterred by premature swansong.
Conclusion: Solana is pumping – has the FTX shock already been absorbed?
With a current price level of around 31 US dollars, SOL has for the first time returned to regions that applied before the collapse of FTX and Co. Solana co-founder Raj Gokal had already asked the community not to turn away from SOL too quickly. However, there is still the possibility that the insolvency administrators of FTX and Alameda Research will have to sell off SOL reserves there, which could have a negative impact on the price curve. For the moment, however, the new optimism at Solana is tangible. Even the first Solana smartphones called Saga are shipping, allowing user-friendly access to SOL’s ecosystem from a smartphone. So maybe Solana really will succeed in building on its old successes and in doing so, will be able to focus on its own strengths.
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