Sun, February 25, 2024

Solana Price: What’s Happening?

Solana

Solana Price: What’s Happening?

 

Many cryptocurrencies have had good changes since the beginning of 2023. Solana stands out as one of the best performers, with a recovery boost of over 20%.

The ramifications of the recent FTX financial meltdown have not yet fully manifested. However, several industry experts have hypothesized that this rebound may not be long-lasting and that additional occurrences of a similar nature could have a detrimental influence on Solana’s value. Solana’s value has also increased due to the recent success of new meme money called Bonk, which has increased by nearly 2000% since its inception in December. It will be interesting to see if Solana can continue this progress over the next few weeks.

The Solana network, which was previously written off, is presently seeing a resurrection. SOL prices have reached a two-month high due to increased on-chain activity.

The analytics tool Messari also reports that both transaction volumes and active accounts have surged back to pre-FTX levels.

The business published a few infographics on January 12, demonstrating that the Solana transaction count had increased to October levels. According to the Messari charts, there are now close to 240,000 active accounts.

NFT Volumes In Solana Are Rising

Currently, according to Solscan, the network can handle about 3,735 transactions per second (TPS). The total number of transactions on the network has reached 132 billion.

The statistics, however, demonstrate a sharp fall in transaction success rate on January 12. This can be a sign that the network is experiencing performance problems once more.

Additionally, a rebound in Solana NFTs was noted on January 11. Furthermore, Solana’s NFT ecosystem now has a floor value of almost $470 million. It has also reached pre-FTX levels.

Having 3.16 million active addresses over the previous week, Solana is ranked fourth by Coin98Analytics. With nearly 6 million active addresses over the previous seven days, BNB Chain leads the list. These numbers placed Ethereum in the fifth position.

The airdrop of the memecoin BONK was mostly responsible for Solana’s most recent performance. The highly anticipated memecoin fell 80% in a week, demonstrating that it was a pump and dump. However, Raj Gokal, a Solana co-founder, returned to support his child on January 12.

Cost Outlook

SOL prices are currently trading at $16.26 after increasing by almost a % on the day. It reached this level on January 9 but has since failed to build on the gains.

Early on Thursday morning, SOL came very close to $17 but ran some resistance.

The path to recovery will be long for the coin because it is currently painfully 93.7% below its peak price.

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