The cryptocurrency market has been buzzing over the recent surge of the Solana network’s SOL token. After experiencing a crash in the wake of FTX’s collapse, the token has since come back and doubled from its lows, media reports said.
Since mid-December, SOL, has seen an impressive increase in its price, going from a low of $8.19 to around $21, and reaching a peak of $24 early this week. It marked an impressive 22% surge last week alone, and a 114% increase this year.
This surge can be traced back to a supportive tweet Vitalik Buterin, the Ethereum co-founder, who hoped the Solana network has a “fair chance to thrive.” There were also reports that Alameda Research’s SOL second-largest holding was SOL.
The increased use of the Solana network has also resulted in a surge in trading volume for the SOL token. According to CoinGecko, the 24-hour trading volume for the SOL token is currently around $777.54 million.
The question now is whether the SOL token can continue to rebound. It seems likely that the token will remain volatile in the near term, as investors try to assess the impact of the FTX crash. However, given the increasing adoption of the Solana network, it seems likely that the SOL token will eventually reach new highs.