SOL price surged to a 14-month high of $46 during trading hours before returning to its current levels of $46.43.5904 at the time of publication, per CryptoSlate data.
This price movement continues a largely positive trend that has persisted for most of the year, with SOL gaining over 330% of its value year-to-date. As a reminder, the digital asset recorded an impressive growth of 87% in the last month alone, according to Tradingview. data.
According to the data aggregator’s dashboard, the total value of assets locked on the Solana blockchain reached a new yearly high of $437.49 million at press time. This represents a growth of 107% from the $210.47 million recorded on the first day of the year.
Additional data from DeFillama also shows that Solana was able to maintain an average user base of over 100,000 throughout the year.
Meanwhile, it’s worth noting that these current numbers pale in comparison to what the network saw during the 2021 bull market, when its TVL peaked at nearly $10 billion and averaged more than 300 000 users at the beginning of last year.
FTX cloud still crashes
by Solana recent resurgence stands in stark contrast to the bearish sentiments that gripped its ecosystem following FTX’s unexpected collapse last year.
At the time, many market observers were concerned that Solana would struggle to return to its former glory, as FTX and its subsidiary Alameda Research had played a central role in its growth.
However, Solana has managed to reposition itself as a major player in the cryptocurrency sector. It achieved this thanks to important partnerships with established institutions such as Visa and Shopify.
Furthermore, the asset management company CoinShares reported that Solana-related investment products have become the preferred choice of investors compared to altcoins like Ethereum.
Despite these positive developments, the looming shadow of FTX’s bankruptcy continues to affect Solana.
FTX still holds over $1 billion worth of SOL tokens, and the potential impact on Solana’s price remains a concern if the bankrupt company offloads these holdings.
Recent signs suggest that FTX may sell some of its SOL holdings, as a significant amount has moved to exchanges over the past week.
Reports of CryptoSlate further show that the bankrupt company started without play some of its SOL tokens as part of its ongoing bankruptcy proceedings.
At the time of going to press, Solana is ranked #7 in terms of market capitalization and SOL price is down 11.86% in the last 24 hours. SOL has a market capitalization of $16.8 billion with a 24-hour trading volume of $3.2 billion. Learn more about SOL ›
At press time, the global cryptocurrency market is valued at $1.29 trillion with a 24 hour volume of $59.95 billion. Bitcoin dominance is currently at 52.76%. Learn even more >