Cryptocurrency

Solana starts 2023 with a bang with 14% spike

Hull Invest

Solana entered the New Year at a high, gaining 14% over the past 24 hours.

Analysis of the 15-minute SOL chart reveals no price movement until 07:00 (GMT) on the first business day of 2023.

A massive 20% spike occurred at this point, leading to a peak price of $12. But the next candle he closed at $11.18, giving up about half of those gains.

Nonetheless, the price action was enough to rank SOL as the second largest gainer in the top 100, slightly behind Lido, which gained 14.6% over the same period.

Solana chart 15 minutes
Source: SOLUSDT on TradingView.com

2022 – The worst year for Solana

Since the demise of FTX, Solana has been embroiled in a firefight due to its disgraceful ties to the exchange and former CEO Sam Bankman-Fried (SBF).

FTX is said to be held 58 million A SOL token, it has been a key proponent of the Solana ecosystem through countless developments, including building the Serum DEX.

The peak-to-trough movement during the turmoil reached a drawdown of 79%, with a local bottom of $8.04 on December 29th.

Throughout the history of FTX, the influence of VC, especially the issue of greed and short-termism, has arisen and given a negative view to all projects with high VC influence.

Will 2023 be a better year?

Several influencers and investors have recently emerged to endorse Solana.

@TheEliteCrypto warned. [in price] It may not be over yet.” But like Ethereum co-founder Vitalik Buterin, he sees a bright future for Solana.

In addition, @585.ETH We have posted a screengrab of NFT sales volume by blockchain, showing that despite the hardships of recent weeks, Solana had the highest volume of non-fungible asset sales, second only to Ethereum.

“Remember, apart from Ethereum, despite all the hype, Solana has more Nft volume than all other chains combined.

A key turning point came when Buterin tweeted his approval of the difficult project on Dec. 29. The Ethereum co-founder praised the Solana development community, saying that the influence of VCs has been “washed away and the chain has a bright future.”

Now that the formidable opportunists have been washed away, the chain has a bright future.

However, not everyone agrees @rovercrc “SOL is the next EOS,” he tweeted.

Posted In: Solana, Bear Market

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