Solana (SOL) tokens have experienced a 20% increase in value over the past 24 hours and have returned to their key resistance level of $13 after spending the past ten days below it.
This growth occurred even as the largest cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), remained relatively unchanged, and the global crypto market cap is in red.
According to the data from CoinMarketcap, SOL is currently trading at $13.36, with a gain of about 23% in the last seven days. Additionally, the 24 hours trading volume is also increased by 88%, while the token’s market cap is up 19.93% in the same time period.
It looks like the bulls are making a comeback and pushing the price back up toward its previous highs. The following key resistance level for the token may be around $14 or $15. However, if the bulls are unsuccessful, the price could potentially drop back down to the recent low of $8 seen on December 29th.
After FTX filed for bankruptcy in November, Solana saw a significant decline in value, losing over 70% in the following weeks. In response to the bankruptcy, investors began selling off assets related to Bankman-Fried, causing the prices for FTT, Solana, and Serum to plummet.
Solana founder Anatoly Yakovenko said in an interview with Bloomberg that the public should not be too concerned with the fluctuations in price but rather should focus on the development of decentralized projects that are innovative and impressive.
In 2022 Solana lost Over $50B In Value
The value of SOL has seen a significant drop in price following the arrest of FTX founder Sam Bankman-Fried. Overall, the token’s market cap has plummeted from a high of $55 billion in January to just above $3 billion at the end of the year.
CNBC reported that since the start of 2022, Solana’s value has decreased by over $50 billion. It has been a challenging year for the cryptocurrency, with issues such as outages, overloads, and connection to the FTX contributing to the decline.
In a single week, its market cap lost about $1 billion at the end of the year. However, despite the current turmoil, Delphi Digital tweeted on January 1st that Solana processes a larger number of transactions than any other blockchain.
Where CNBC report stated:
Proponents argue that Solana is more critical than ever as a decentralized finance platform, but recent price action suggests that investors continue to be skeptical even after the broader crypto markets have stabilized.
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