The Solana (SOL) cryptocurrency has seen its value more than double since hitting its low point following the FTX and Alameda incident. It has gone from trading below $9 in the last three weeks to $24.75.
Market analysts are optimistic about the long-term potential of the Solana ecosystem, citing its vibrant global community and dedicated DeFi developers as reasons for this optimism.
As of today, the total value locked (TVL) in the Solana ecosystem is approximately $258 million, down from over $11 billion a year ago.
Despite the TVL decline, the Solana ecosystem has seen an increase of approximately $50 million since the collapse of FTX and Alameda. co-founder of Ethereum, Vitalik ButerinHe believes that the Solana network has a promising future without the presence of bad actors. Riyad Carey, a research analyst at cryptocurrency data firm Kaiko, commented: “With Alameda gone, the protocol is, in a sense, freed from that baggage and can become more community-focused.”
However, the Solana market is showing signs of bearish behavior after a strong two-week rally. One notable factor is daily trading volume, which fell more than 48% to $736,053,464 on Friday. Furthermore, the Solana price on the 4-hour time frame is about to break a three-week uptrend line, which could push the price to the next consolidation level around $16.
The Solana ecosystem is supported by a dedicated team of DeFi developers and more than 2,000 validators, which has led market analysts to remain bullish on the network’s growth potential. With the departure of FTX, the future for Solana looks bright as the network continues to gain traction.
As Tom Dunleavy, a senior research analyst at Messari, points out: “It’s certainly an open question how sticky this new level of volume is; however, at the very least, a consistent level of volume with FTX exiting the ecosystem is a positive sign.”
This post SOL Price Breaks Out: Solana Comeback From FTX Crash Lows, Is This The Start Of A Massive Rally?
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