+2200% 🤯 The Crazy Performance of Solana ($SOL)

Author

Sacha
May 24, 2024

Solana is known for its incredible comeback story.

From losing 96% of its value from its all-time high, in a few months…

…to being the only crypto to gain back 80% of its value, in less than a year.

Buckle up, because we're diving deep into the wild world of Solana ($SOL) and its phenomenal journey!

The Fall 📉

After hitting a staggering price of $251 in November 2021, the token started to lose value, just like all cryptocurrencies at the time.

However, while other projects saw some losses, Solana suffered a much steeper drop due to the collapse of FTX in November 2022.

FTX was a major investor in Solana projects, which held over $1 billion worth of Solana tokens at the time of its bankruptcy.

This massive seller on the market, combined with the already declining prices, caused Solana's value to plummet further:

Solana's token dropped significantly at this time, hitting an all-time-low of $9.

(3.6% of its all time high of $251…)

Sparkles of Hope 🌥️

In the darkness of the end of the year 2022, two signs of hope emerged:

-First, Ethereum co-founder Vitalik Buterin expressed confidence in the Solana ecosystem and its community of developers

-Additionally, a new cryptocurrency called Bonk was launched on Solana, which gained some attention because of a quick 30x.

$Bonk

Solana showed very small signs of life during this period.

The Comeback 🥊

There were several announcements for 2023, including new features, investments, and partnerships, which showed that the blockchain was still active.

→For instance, Solana partnered with Shopify, enabling over 4.12 million businesses to accept Solana as a payment method.

At the end of 2023, cryptocurrencies are in the green, and Solana is in the spotlight due to the incredible performance of memecoins such as $Wif and $Bonk.

$Wif

The Solana mobile phone is generating significant buzz as buyers receive airdrops of Bonk equal to the value of the phone. 🤑

Investment funds also started purchasing locked tokens from FTX, sending a major sign of confidence to the community.

All of this led to Solana booming in 2024, revisiting the $200 mark again.


Solana's story is one of dramatic falls and remarkable recoveries.

Whether you're a seasoned investor or new to the crypto space, Solana’s journey offers valuable lessons in resilience and the unpredictable nature of the market.

Stay tuned for more updates on Solana!

Until next time,

TheCryptoPicks ❤️