Solana Price Prediction As NFT Volume Skyrockets – BanklessTimes
Last updated 17th Jan 2023
Solana price has staged a strong recovery in 2023 as investors buy the coin’s dip. The SOL crypto price surged to a high of $24.92, which was the highest point since November 9. It has surged by more than 196% from the lowest point in 2023, making it one of the top performing cryptocurrencies in the market.
Solana ecosystem rebound
Solana price has been in a strong rebound in the past few weeks as the market buy the coin’s dip. As I wrote here, the coin crashed hard in November because of its significant exposure to FTX and Alameda Research. The coin had significant exposure to the two companies that were started by Sam Bankman-Fried.
Solana also crashed as key parts of its ecosystem crumbled. A good example of this was Serum, which was the biggest DeFi platform in its ecosystem with a total value locked (TVL) of more than $1.5 billion. Serum’s ecosystem crumbled after it emerged that the private key was held by FTX.
SOL price has recovered modestly as investors buy the dip. This trend has been helped by the macro conditions in the United States, where inflation has dropped sharply in the past few weeks. Data published last month showed that the country’s headline inflation dropped from 7.1% to 6.5% in December.
Meanwhile, Solana’s DeFi ecosystem has made some improvements. For example, Marinade Finance has seen its TVL surge by more than 40% in the past 7 days. Similarly, Lido, Orca, Raydium, and Quarry have seen their TVL climb by over 42% in the same period. Orca has benefited from the popularity of Bonk, a Shiba Inu-themed token. The price of Orca token has soared by over 143% from it