By Michael Scott
Solana is regaining from the 80% dip witnessed in 2022 through a stellar surge in 2023. The pump reincarnates the Ethereum killer tag with the SOL price rising to realize a seven-day pump of 42% to exchange hands at $23.48, as per Coinmarket data.
Solana Price Turnaround
Solana bounced back and dethroned Polygon from the top-ten ranked cryptos with its total market capitalization of $8.67 billion. The price surge coincided with increased trading volume since the popular FTX collapse in November.
Solana’s remarkable rebound is evident with its price recovering from the 94% decline when it nosedived to a two-year low exchange level of $8.17. By Saturday afternoon on January 14, Solana had leapfrogged Polygon MATIC to test $9 million market capitalization.
Earlier today, Solana tested the highest price at $24.68 since FTX’s downfall, with a transaction volume approximating $1.56 billion. Today, the price is hovering in a range to test $23.09 at its lowest before settling around $23.3.
Popularity of Solana Based Memecoin – BONK
The recent run portrayed by Solana arises from the BONK-driven boost from the meme token launched after a flurry of buzz during the festive period. The BONK propelled the SOL price to a weekly high at the onset of 2023. Coin collectors highly regard the entry of the Solana-based meme coin to rival the lead Dogecoin (DOGE), ranked the ninth largest crypto asset by market capitalization.
BONK is replicating the trend portrayed by the Ethereum-backed Shina Inu (SHIB) token, currently ranked 15 largest crypto assets with a market capitalization of $5.7 billion. The popularity of meme coins is evident in the upward trajectory of meme coins, with SHIB realizing 16% and DOGE 7%.
Helium Migration Propelling the Solana Surge
The uptrend demonstrated by Sol emerges from the popularized migration of Helium to the Solana ecosystem. The recent rally shows that SOL was winning investment confidence, unlike in September when the planned Helium migration triggered a short-lived rally.
Helium portrayed Solana as creating long-term benefits that will allow the distributed wireless network users to receive crypto tokens when they share home internet services.
In support, Nova Labs chief executive Amir Haleem tipped the hat for Solana’s ecosystem for their unmatched transaction speed and eased development.