Like the rest of the cryptocurrencies, Solana (SOL) was facing a similar trend. The value of the asset had been hovering in the bearish territory like the rest of the cryptocurrency industry.
The year 2022 was by far the worst year the entire cryptocurrency industry had to witness and things were not good for the industry at all.
Just when things were already going south, the FTX crash took place and caused a great catastrophe for the entire industry.
Things Took the Worst Turn for Solana Blockchain
Unfortunately, the Solana blockchain was there to take most of the impact of the FTX crash. Its strong ties with the FTX exchange and its founder led to the network facing a major downtrend.
The investors were too angry against the founder of the FTX brand, Sam Bankman-Fried, which expanded to all the entities he had supported.
SBF was a major supporter of the Solana blockchain as he wanted the Ethereum network to be killed by the Solana network.
Turns out, SBF ended up killing the Solana network itself. As the crypto-billionaire lost all his credibility, the investors lost their trust in any entities he had ever supported.
As the situation got worse for the entire cryptocurrency industry due to the FTX crash, it got worst for the Solana blockchain. Unfortunately, it was the SOL token that ended up paying the price.
Things kept getting uglier for the Solana blockchain and the year 2022 ended with a major downtrend for the crypto.
Solana has Finally Started to recover in 2023
The data shows that in the year 2022, Solana ended up losing more than 95% of its total market value. This was a major upset for the asset as it was counted among the same assets as LUNC and FTT.
Both of the above-mentioned tokens were part of the major crashes that had taken place in May 2022 and in November 2022. Unfortunately, the SOL token crash ended up being collateral to the FTT token.
However, things have started to look promising for Solana as the year 2023 has begun. The investors seem to have brushed off their anger against the Solana network.
They may be willing to give another chance to the teams behind the Solana blockchain. This is the reason why investments have started coming back to their native token “SOL”.
The SOL token has been witnessing a strong rally right from the beginning of 2023. The momentum has continued to rise in favor of the asset since January 1.
Even now, the asset is performing quite well and may continue witnessing a similar surge in the future. If the sentiments remain bullish, then the trading price of the asset may continue moving higher.
The report shows that the trading price of SOL has surged for the sixth-consecutive day and the investors are still persistent in running the rally.
This is a great sign for the asset, as it goes to suggest that the investors are recovering from the November trauma.
Solana’s Performance
The data shows that so far, the trading price of Solana has surged to a high of $14.10. The trading price of the asset had been hovering at a lower trading level of $11.83.
However, the bulls pushed the trend into their favor as they continue pushing harder. They were able to push the trading price of the asset to a higher level and it is still hovering there.
According to the price chart, the value being exhibited by SOL is the highest level it has hit since December 15.
As the bulls have reached the $14.10 level, they have their next challenge waiting for them at $14.50. They will need to invest a lot of energy and resources to keep the rally alive and strong.
If they manage to do it, then the trading price of the asset will continue surging. In that case, the trading price of the asset will move to a high of $14.50.
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