Solana (SOL) has seen a remarkable rebound in 2023. After experiencing a collapse of more than 80% over the course of last year, the price of SOL has more than doubled this month.
According to CoinGecko, the price of SOL rose more than 58% to $23.70 in the last seven days.
Not only has the price of SOL risen, but the trading volume for Solana has also seen a significant increase.
The cryptocurrency saw its highest trading volume since the week of the spectacular collapse of crypto exchange FTX, which caused Solana’s value to plummet along with most of the crypto market in November.
This resurgence in Solana’s value is particularly impressive considering that less than a month ago, SOL was closing out the year down 94%, hitting a two-year low of $8.17 and dropping out of the top twenty coins, according to CoinMarketCap data.
Due to this recent surge in value, Solana briefly bumped Polygon MATIC out of the top ten cryptocurrencies by market cap, which cleared $9 million on Saturday afternoon.
Additionally, its price is now at its highest point since FTX fell. In one 24-hour period last weekend alone, Solana jumped 21 percent.
Overall, Solana’s rebound is a welcome change for investors who had been watching the cryptocurrency’s value plummet over the past year. The recent surge in value and trading volume is a positive sign for the future of Solana.