Solana Back in the Top 10 After 135% Breakout

Solana flipped Polygon on January 15 to be the tenth largest crypto asset by market cap, following a seven-day rally that noticed it rise by over 70%, in line with CoinMarketCap knowledge.

Following FTX’s collapse in November, SOL’s value efficiency was negatively impacted due to its relationship with Sam Bankman-Fried. Nevertheless, optimistic sentiments appeared to have returned to the digital asset, because it has gained roughly 135% for the reason that begin of this yr -making it one of many best-performing cryptocurrencies in 2023.

SOL Re-Enters High 10 Belongings

On the peak of the FUD, Solana traded for as little as $9, and two of its prime NFT tasks ditched it for different blockchain networks.

However its large value efficiency over the past two weeks has greater than doubled its worth to $23.34 as of press time. The spectacular run additionally noticed it re-enter the highest 10 digital property by market cap.

Solana price chart
Supply: BeInCrypto

In response to CoinMarketcap knowledge, Solana’s market cap rose to over $9 billion within the final seven days from $5 billion.

The co-founder of a gaming undertaking on Solana, Mamba, said the religion of the community believers had been repaid as SOL gained 165% in 15 days. In response to Mamba, SBF leaving was good for the blockchain, and the community’s expertise is enhancing.

Solana Energetic Wallets Rises 3x

Solana’s energetic wallet has risen by greater than thrice since FTX collapsed in November, in line with Messari data. Delphi Digital data additionally reveals that decentralized exchanges on Solana DEXs have seen an 83% enhance in whole energetic wallets for the reason that starting of 2023.

In response to Delphi Digital, the overall variety of energetic wallets on Solana elevated to 83,000 from nearly 45,000 per day.

As BeinCrypto beforehand reported, Solana’s elevated energetic pockets numbers coincided with the rise of a brand new memecoin, Bonk Inu, inside its ecosystem. The memecoin rallied by over 130%, bringing again curiosity into the ecosystem. Nevertheless, it has since crashed by over 38% within the final seven days.


BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, but it surely has but to listen to again.

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