The SOL token is back in the winning column. The asset, which spent a series of days trading sideways picked up the pace on January 20, gaining up to 18% in value in the span of 24 hours.
After an incredible series of upticks, Solana went through a retraction period, going down from $24.00 to around $20.00. Many attributed the recent slowdown of the asset’s growth to the incredible performance $SOL had by the end of the year.
On December 29, Solana reached its lowest price in years, trading around $8.39. After what seemed like the blockchain was on its way to becoming obsolete, SOL had a resurgence, becoming one of the best-performing cryptocurrencies in the month.
Since then, $SOL gained an incredible 205% in value, reaching its highest point today, trading around $25.61.
BONK Token And Solana
Perhaps the best news Solana had in a long time is about the growing popularization of the BONK token.
The Bonk is a meme token that debuted on Solana in December. The blockchain’s own dog-inspired meme coin quickly became the face of the company, especially after The Solana Foundation lost two of the most popular NFT projects in the platform, in late 2022.
The debut of BONK became the jump start to the incredible performance that the $SOL token is having. The blockchain, which was one of the biggest losers of 2022, is so far, proving nay-sayers wrong.
In addition, Solana is also providing proof to the market that it can in fact survive without FTX. The blockchain was one of the closest companies linked to the bankrupt exchange, and since its collapse was also among the cryptocurrencies that suffered the most with the meltdown.
Why The Rebounce Is Great For The Crypto Space
Due to its several technical problems in the last couple of years, the Solana Foundation receives a lot of criticism, which usually involves unfair comparisons with other blockchains such as Ethereum and Polygon.
However, having the company around is actually great news for the crypto market. Having multiple high-performance blockchains competing against each other is precisely what the Web3 market needs for growth.
Additionally, Solana’s focus is on developing better scalability is a key ingredient for the development of blockchain technology in the future.
These features make it an attractive option for decentralized applications and decentralized finance (Defi) projects that require high throughput and low latency. Overall, it is important to have Solana among the important players in the blockchain space.
