The Solana ecosystem has, however, shown its market resilience with the total value locked (TVL) up over $79 million from December lows to approximately $279 million today.
Solana (SOL) price is around 150 percent up in the last 14 days to trade at about $24.25 on Monday. With a market capitalization of approximately $8,987,560,089 and a 24-hour trading volume of about $$1,631,013,505, Solana has been managed to dethrone the Polygon (MATIC) and re-enter the top ten digital assets. Furthermore, Solana and SPL tokens have attracted huge speculation from FOMO traders.
Solana Price and Influencing Factors
The Solana ecosystem was one of the heavily affected blockchain networks following the FTX and Alameda implosion. FTX CEO John J. Ray III said last week that over $700 million of Sol and about $500 million SPL tokens will be liquidated to repay creditors.
The Solana ecosystem has, however, shown its market resilience with the total value locked (TVL) up over $79 million from December lows to approximately $279 million today, according to defillama. Top DeFi ecosystems on the Solana network include liquid staking protocols – like Marinade Finance and Lido – and DEXes protocols like Orca and Raydium.
Worth noting that the Solana ecosystem has enjoyed tremendous success in non-fungible tokens (NFT) with a market capitalization of about $970 million and over 20 million digital arts already minted.
Solana and Crypto Market Outlook
The Solana network enjoys a vibrant online global community fueled by its celebrity marketing. Nonetheless, the Solana price has dropped over 84 percent from its ATH set on November 06, 2021. The 2022 crypto bear market has seen Solana’s price drop from trading over $259 to less than $10.
The Solana network has distinguished itself from other crypto projects due to its high throughput of about 700k transactions per second. With many exchanges listing Solana and SPL tokens, DeFi developers are naturally attracted to the SOL ecosystem. For instance, Solana’s recently launched meme coin, BONK, has gained over 30 percent in the last 24 hours to trade around $0.00000141.
With high global inflation, more investors are opting for cryptocurrencies as shown by the market intelligence platform Santiment. According to Santiment, the net cash inflow to the crypto market has significantly increased in the past few weeks. Moreover, the bear market is likely over with multi-quarter consolidation next before a fresh bull market begins.
📈 A definitive explanation on why #crypto prices have bounced:
🦈10-100 $BTC wallets added 105,600 #Bitcoin in past 10 weeks
🐋100-1,000 $BTC wallets added 67,000 #Bitcoin in past 8 weeks
🐳1,000-10,000 $BTC wallets added 37,100 #Bitcoin in past 10 dayshttps://t.co/sGLqJLxGVD pic.twitter.com/kpQimOXmeO— Santiment (@santimentfeed) January 14, 2023
According to veteran trader Peter Brandt, Bitcoin price is likely to fall back as buyers’ momentum fades away. Moreover, the Gemini, DCG, and Genesis scandals are not yet over.
“Bitcoin has been very predictable with multiple x advances followed by 80% declines and multi-quarter consolidations prior to new ATHs and then multiple X advances. I do not expect Bitcoin to run away to the upside, but rather work higher toward late 2023/ early to mid-2024 when the ATHs are retested,” Brandt noted.
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