Solana Price Prediction as SOL More Than Doubles from Recent Bottom – Can SOL Reach $1,000 in 2023?
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Solana, the world’s 12th largest cryptocurrency boasting a $9.2 billion in market capitalization, has continued to turn heads with its exemplary performance since late December. Although the launch of Bonk (BONK) seemingly ignited the rally, SOL has sustained it for nearly six weeks. Solana’s price now trades at $25.00 after a 6.3% increase in 24 hours.
What’s Driving Solana Price Rally?
The cryptocurrency industry seems to have gotten over the woes the Solana ecosystem was facing in 2023. One of the worrying trends that occurred numerous times during the 12 months was the frequent network outages. The Solana ecosystem then fell victim to the implosion of FTX exchange, which resulted in a massive selloff, where SOL tested support at $8.05.
Some people quickly branded Solana a failed project but developers within the ecosystem continued to build amidst this criticism. The network suffered serious liquidity problems when FTX and Alameda Research filed for bankruptcy proceedings under Chapter 11 of the United States laws.
On the bright side, the frequent network outages are now a thing of the past, and the Solana ecosystem is squarely grounded. Toward the end of last year, Vitalik Buterin, the co-founder of Ethereum, reckoned that Solana has a vibrant development community. Buterin added that the Solana ecosystem was ready to take off, now that money-hungry individuals were out of the way.