Solana Back in Top 10 After 135% Breakout

Solana: As DeFi and NFT Ecosystems Suffer, Can SOL Whales Offer Respite?

Solana turned Polygon on January 15 to become the 10th largest crypto asset by market cap, after a seven-day rally that saw it rise over 70%, according to CoinMarketCap data.

After the fall of FTX in November, SOL’s price performance was negatively impacted by its relationship with Sam Bankman-Fried. However, positive sentiment seemed to have returned to the digital asset, as it has gained around 135% since the start of this year – making it one of the best digital currencies to date. ‘operate in 2023.

SOL Re-enters the Top 10 Assets

At the peak of the FUD, Solana traded as low as $9, and two of its main NFT projects targeted it for other blockchain networks.

But its tremendous price performance over the past two weeks has more than doubled its value to $23.34 as of press time. The impressive run also saw it re-enter the top 10 digital assets by market cap.

Source: Topcripto

According to CoinMarketcap data, Solana’s market cap rose to over $9 billion in the past seven days from $5 billion.

Co-founder of gaming projects on Solana, Mamba, said The faith of the network believers was repaid as SOL gained 165% in 15 days. According to Mamba, leaving SBF was good for the blockchain, and the network technology is improving.

Solana Active Wallet Raises 3x

Solana’s active wallet has risen more than three times since the fall of FTX in November, according to Messari details. Delphi digital details it also shows that the total active wallets since the beginning of 2023 on decentralized exchanges on Solana DEXs have increased by 83%.

According to Delphi Digital, the total number of active wallets on Solana increased to 83,000 from nearly 45,000 per day.

As previously reported by BeinCrypto, the increase in the number of active Solana wallets coincided with the rise of a new memecoin, Bonk Inu, within its ecosystem. The memecoin increased by more than 130%, bringing interest back into the ecosystem. However, it has crashed by more than 38% in the last seven days.

Denial

Topcripto has reached out to a company or individual involved in the matter for an official statement on the recent developments, but has yet to hear back.

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