Solana (SOL) has seen a boost in prices over the last week, from trading in the $17.00 USD range on January 13th, 2023, to $21.43 at the time of writing.
The token has experienced a rebound in value over the past few weeks. SOL has doubled in price from its initial January lows to consistently hover at around $21, even reaching as high as $24 earlier this week. SOL has recorded a 116% increase in value so far this year, representing a swift rebound after it hit a record low of $9.91 on January 7th, 2023.
30-day price chart for Solana. Source: CoinMarketCap.
Solana’s recent trading volume surge has been linked to the release of Solana-based canine meme coin Bonk (BONK). The meme coin was quickly adopted by the Solana community, experiencing a “supersonic bull run with a 4424% increase just one week after launch”.
BONK has consistently dropped in value since January 15th, 2023. Despite this, Solana (SOL) has continued to undergo an upward trend since January 3rd, 2023, which suggests more sustainable growth than the initial hype that was believed to be driving the surge.
The rebound was also attributed in part to a favorable tweet made by Ethereum Co-Founder Vitalik Buterin, stating that he hopes the Solana community “gets its fair chance to thrive.”
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With the after-effects of the FTX collapse not yet subsided, Solana (SOL) must exhibit sustainable growth. With its dApp and PoH developments in the pipeline, Solana may soon build towards a more attractive and decentralized ecosystem.
Read more about Bonk, the first doge-themed meme coin:
Bonk (BONK): Project Review, Recent Developments, Future Events, Community
Read about which coin will withstand the test of time:
Which Coin Will Stand the Test of Time: Snowfall Protocol (SNW), Solana (SOL) or Tera Classic (LUNC)?
See original on DailyCoin
Source: Cryptocurrency - investing.com
