Amazing Run By Solana: Climb To Over 130% Growth This Year
With a spectacular growth rate of 130% since the beginning of 2023, Solana has made a strong comeback in the cryptocurrency market. The Solana network has also seen a steady increase in the number of active wallets, thus reaffirming and securing its position in the cryptocurrency market.
The Incredible Comeback Of Solana Has Seen A 130% Increase
Solana and the entire cryptocurrency market suffered a great deal from the collapse of FTX in November of last year. Sam Bankman-Fried (SBF), the founder of FTX, is closely related to Solana because FTX invested in the project through Alameda Research which is also owned by SBF.
Mamba, a co-founder of a gaming platform based on Solana, said that SOL’s redemption has demonstrated that the network’s believers’ faith has been rewarded. The departure of SBF, in Mamba’s opinion, was advantageous for the blockchain plus he noted the development of network technology is improving.
Solana, one of the top-performing cryptocurrencies so far this year, has shown a tremendous recovery this year, with an amazing growth rate of more than 130% since the beginning of 2023.
According to Santiment, an on-chain analytics firm, a short squeeze, a phenomenon that happens when many investors who have bet against an asset by short selling are compelled to repurchase it at a higher price to cut their losses, has caused Solana’s sharp price increase. Furthermore, Solana is the best performer among digital assets, according to Santiment, after a seven-day rally that saw an increase of nearly 45%.
The Revival Of Solana In The Crypto Market
The value of Bonk Inu, a Shiba Inu-inspired meme-inspired token that was launched on December 25 and operates on the Solana blockchain, has greatly increased. Some traders believe that the huge token trading volume may be influencing the price of Solana’s upward trajectory.
The number of active wallets on the Solana blockchain has increased by three times, according to Delphi Digital’s research. Since the beginning of 2023, decentralized exchanges built on the Solana blockchain have seen a considerable increase in the number of active wallets by 83%. Additionally, according to reports, the total number of active wallets on the Solana blockchain has increased from 45,000 each day to 83,000.
