The eighth-largest cryptocurrency Solana has put the ghosts of FTX behind and embarked on a robust recovery path in 2023.
However, the eighth-largest crypto asset has put the past behind and embarked on a robust recovery path in 2023. After plunging to historical lows in the days following the collapse, SOL more than doubled in market value on a year-to-date basis, perWhile not directly related to FTX, SOL was widely endorsed by the disgraced co-founder of the exchange Sam Bankman-Fried . So much so that critics speculated that SBF’s campaigning was partly responsible for the token’s price increase seen earlier.
While these less popular assets were yet to recover to their pre-FTX levels, SOL beat the top assets of the market likeNotably, with a steady rise in value in 2023, SOL’s market depth on exchanges also improved. Moreover, the crypto’s liquidity in native units substantially increased during Q3 2023. Kaiko’s report attributed the shift in market sentiment to high-profile strategic partnerships like the one forged with payments giant. Such collaborations with the who’s who of the traditional finance ecosystem indeed helped in tipping the scales in Solana’ favor.
Having said that, SOL’s recovery was a work in progress. The current market depth remained significantly lower than what it was a year ago. If the entirety of SOL holdings were dumped in the market, the price could fall to lows seen immediately after FTX’s collapse.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance. He prefers DC over Marvel, cats over dogs and Hyderabadi Biryani over Kolkata Biryani.
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