The Impact of FTX’s Collapse on Solana
In 2022, the cryptocurrency industry faced a significant setback with the collapse of FTX, which had repercussions across the entire sector. This also posed challenges for Solana, a prominent blockchain platform closely associated with FTX.
Solana had garnered praise for its innovation and technological strength, particularly from figures like former FTX CEO Sam Bankman-Fried. However, the unexpected fall of FTX cast a shadow over Solana’s previously positive future.
Solana’s Remarkable Recovery: 800% Increase
Despite the obstacles, SOL has emerged as a success story in the cryptocurrency industry. It has experienced an incredible recovery, with its value rising by more than 800% since last year’s significant loss.
Solana prices have recently shown significant growth, reaching their highest level in 20 months. This surge can be attributed to increased activity and demand for memecoins on the Solana network.
The rise in SOL prices is directly correlated with the increase in on-chain activity on the Solana blockchain. The Total Value Locked on the platform has also seen a significant increase.
Analyst Highlights Solana’s Technological Achievements
Noelle Acheson, author of “Crypto is Macro Now,” has highlighted Solana’s revolutionary journey and its significant technological advancements. Despite earlier difficulties, such as network disruptions and performance problems, Solana has demonstrated resilience.
On December 21, SOL and other altcoins experienced double-digit surges in price. This resulted in large losses for short sellers whose bearish wagers failed. SOL traders are currently witnessing the largest short liquidations in the past three months as the coin approaches a critical price threshold.
With bullish signals sweeping the cryptocurrency market, SOL’s price is now over $96, and it is inching closer to the $100 level.
Hot Take: Solana Overcomes Adversity and Thrives
Solana has proven its resilience and ability to recover from setbacks. Despite the collapse of FTX and challenges faced by the cryptocurrency industry, Solana has emerged as a success story. Its remarkable recovery, technological advancements, and increasing on-chain activity have contributed to its recent surge in price.
As Solana continues to attract attention and gain momentum, it is poised for further growth and success in the future.
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