• Solana (SOL) saw an unprecedented surge in its price over the last week, outperforming all other cryptocurrencies on the market capitalization front.
• Its active wallets increased threefold after the FTX saga of 2022, while its development activity, Binance funding rate, and social volume also registered an uptick.
• LunarCrush’s data revealed that Solana was among the top 10 cryptos with the highest social mentions between 1 – 7 January, though its volume declined from 4 January.
Solana (SOL) had a very successful start to the new year, registering an unprecedented surge in its price over the last week. The token outperformed all other cryptocurrencies on the market capitalization front and was trading at $13.23 with a market cap of over $4.8 billion at the time of writing. The recent developments gave investors hope for recovery after a not-so-promising December, due to the FTX saga of 2022.
The incident had a positive impact on Solana in one aspect, as its active wallets increased threefold. Santiment’s data also revealed that Solana’s development activity increased, indicating that developers were working more to improve the blockchain. SOL’s Binance funding rate also registered an uptick, suggesting that it was in high demand in the derivatives market. The token’s social volume also went up, reflecting its popularity in the crypto community.
LunarCrush’s data further established SOL’s popularity, as it revealed that it was among the top 10 cryptos with the highest social mentions between 1 – 7 January. However, the token’s volume, after spiking along with the price, declined from 4 January, which was a negative signal. Nevertheless, if Solana manages to hit Bitcoin’s market cap, it could experience a 64.77x hike in its price, according to some estimates.
Overall, the surge in Solana’s price was a positive development for the ecosystem, and investors are hopeful that the token will continue to grow in the coming weeks. Time will tell if the token will be able to sustain the surge and reach new heights.