• Solana’s native token SOL is up by 13%, reclaiming double digits after a dip in December 29.
• Solana is distancing itself from the „Sam coins“ with Messari releasing a detailed overview about the ecosystem.
• Solana is still maintaining its top 2 spot in terms of NFT sales volume and top 1 spot in transaction volume.
The Ethereum killer Solana has been on the down-low ever since its association with the collapsed exchange FTX. Even though the bears left its mark on investor sentiment on SOL, there is still hope for the struggling ecosystem as its native token SOL has seen a 13% increase in its price according to CoinGecko figures, Tuesday. This has led to the token reclaiming double digits after dipping as low as $7.96 back in December 29.
The uptick in price has come as a breath of fresh air for investors and holders of SOL, giving them hope for a possible reversal. In fact, Solana has been taking its time in distancing itself from being known as one of the „Sam coins“, with Messari releasing a detailed overview about the ecosystem on December 15. Despite this, the ecosystem’s NFT market has still suffered through this whole debacle, with DeGods and y00ts, two of the most prominent collections on-chain, deciding to migrate to Polygon. However, Solana’s NFTs sure don’t look dead, as it still retains its top 2 spot in terms of NFT sales volume.
Transactions also support a bullish future for its native token as it still retains its top 1 spot in transaction volume according to Delphi Digital, an institutional grade research platform. With such promising figures, it seems as though 2023 has new plans for the struggling ecosystem. It remains to be seen if Solana can live up to its reputation and become the Ethereum killer it was touted to be.