Solana (SOL) Enters Top 10 Crypto List as Market Bounces Back

  • Just over a month ago, SOL had lost 94% before the end of the year.
  • On Saturday afternoon, Solana’s market value surpassed $9 million.

Solana, whose value dropped by more than 80% in only one year, is enjoying a banner year in 2023. According to CMC, the price of SOL has increased by more than 58 percent in the previous week, bringing the total price increase for the month to more than $23.70.

In addition, Solana, formerly hailed as an “Ethereum killer,” had its largest trading volume since the week the infamous crypto exchange FTX went down, bringing down the whole cryptocurrency market and bringing down Solana with it in November.

Stunning Comeback

Solana has made a stunning comeback. Just over a month ago, SOL had lost 94% before the end of the year, had fallen to an all-time low of $8.17, and had fallen out of the top twenty coins on the list.

On Saturday afternoon, Solana’s market value surpassed $9 million, knocking Polygon MATIC off of the top 10 cryptocurrency markets for a short time. Since FTX sank, its price has also climbed. Solana gained 21% during the course of only one day last weekend.

BONK, a Solana-based meme token, sparked a wave of excitement during the holidays and drove the price of SOL to a seven-day high just before the New Year. As with Dogecoin (DOGE) and the Ethereum-based currency Shiba Inu, coin collectors looked excited to welcome a fresh dog-themed entrance into the marketplace.

According to CMC, BONK saw a staggering 3,300% increase in value in the first week of the year, however to $0.00000487. Despite a 69 percent price drop over the last week, BONK has a market valuation of $57 million.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.