- SOL greater than doubled in market worth on a year-to-date (YTD) foundation.
- Bolstered by massive partnerships, SOL’s market depth recovered considerably.
Solana [SOL] was carefully linked to FTX’s [FTT] fortunes and the downfall of the crypto change final 12 months induced severe ramifications for the previous.
Nonetheless, the eighth-largest crypto asset has put the previous behind and launched into a sturdy recovery path in 2023. After plunging to historic lows within the days following the collapse, SOL greater than doubled in market worth on a year-to-date (YTD) foundation, per CoinMarketCap.
How a lot are 1,10,100 SOLs worth right this moment
Solana’s sturdy recovery
Whereas indirectly associated to FTX, SOL was broadly endorsed by the disgraced co-founder of the change Sam Bankman-Fried (SBF). A lot in order that critics speculated that SBF’s campaigning was partly accountable for the token’s value improve seen earlier.
In response to crypto market information supplier Kaiko, FTX’s sister firm Alameda Analysis, which was on the heart of fiasco, held a substantial quantity of SOL tokens on its steadiness sheet. Aside from SOL, another small-cap tokens from the Solana ecosystem corresponding to MAPS and SRM additionally had restricted publicity to the hedge fund.
Whereas these much less common belongings had been but to get well to their pre-FTX ranges, SOL beat the highest belongings of the market like Ethereum [ETH] and Ripple [XRP] in returns on funding weighed in opposition to the danger.
Notably, with a gentle rise in worth in 2023, SOL’s market depth on exchanges additionally improved. Furthermore, the crypto’s liquidity in native models considerably elevated throughout Q3 2023.
Kaiko’s report attributed the shift in market sentiment to high-profile strategic partnerships just like the one cast with funds big Visa and Shopify. Such collaborations with the who’s who of the normal finance ecosystem certainly helped in tipping the scales in Solana’ favor.
Having stated that, SOL’s recovery was a piece in progress. The present market depth remained considerably decrease than what it was a 12 months in the past.
Life like or not, right here’s SOL’s market cap in BTC terms
SOL faces headwinds
Solana’s greatest check within the coming days might be FTX’s impending liquidation plan. SOL was FTX’s largest holding, with over 71.8 million tokens within the change’s custody.
If the whole thing of SOL holdings had been dumped out there, the worth may fall to lows seen instantly after FTX’s collapse.