Solana Re-enters Top 10 Digital Asset With Impressive 135% Rally

Solana flipped Polygon on January 15 to be the 10th largest crypto asset by market cap, following a seven-day rally that saw it rise by over 70%, according to CoinMarketCap data.

Following FTX’s collapse in November, SOL’s price performance was negatively impacted because of its relationship with Sam Bankman-Fried. However, positive sentiments appeared to have returned to the digital asset, as it has gained roughly 135% since the start of this year -making it one of the best-performing cryptocurrencies in 2023.

SOL Re-enters Top 10 Assets

At the peak of the FUD, Solana traded for as low as $9, and two of its top NFT projects ditched it for other blockchain networks.

But its massive price performance over the last two weeks has more than doubled its value to $23.34 as of press time. The impressive run also saw it re-enter the top 10 digital assets by market cap.

According to CoinMarketcap data, Solana’s market cap rose to over $9 billion in the last seven days from $5 billion.

The co-founder of a gaming project on Solana, Mamba, said the faith of the network believers had been repaid as SOL gained 165% in 15 days. According to Mamba, SBF leaving was good for the blockchain, and the network’s technology is improving.

Solana Active Wallets Rises 3x

Solana’s active wallet has risen by more than three times since FTX collapsed in November, according to Messari data. Delphi Digital data also shows that decentralized exchanges on Solana DEXs have seen an 83% increase in total active wallets since the beginning of 2023.

According to Delphi Digital, the total number of active wallets on Solana increased to 83,000 from almost 45,000 per day.

As BeinCrypto previously reported, Solana’s increased active wallet numbers coincided with the rise of a new memecoin, Bonk Inu, within its ecosystem. The memecoin rallied by over 130%, bringing back interest into the ecosystem. However, it has since crashed by over 38% in the last seven days.