Solana: NFTs, BONK and SOL’s Path to Success
Solana (SOL) experienced a recent downturn but showed a modest recovery over the past seven days, following an approximate 8% decline since January 22.
The platform gained considerable attention for its NFT performance, yet the price witnessed only a minor increase lately.
Previously plagued by outages, Solana claimed in July to have been outage-free since February. Recently, Solana’s developer, Jacob Creech, offered a $400,000 bounty to anyone capable of shutting down Solana.
The flagship meme coin, BONK, associated with Solana, is gaining traction among enthusiasts aiming to boost its adoption. BONK introduced a “PooperScooper” function to help users organize assets efficiently in their wallets.
Despite being dubbed the “Ethereum killer,” Solana’s co-founder Anatoly Yakovenko suggests using Ethereum as a layer-2 for the Solana blockchain. Even Ethereum founder Vitalik Buterin admires the Solana protocol.
As of 2023, SOL hovered around the $10 support zone, facing a downtrend since November 2021 when it traded at $200.
Concerns arose around the FTX exchange, with its CEO, Sam Bankman-Fried, facing legal troubles, impacting Solana’s reputation. The foundation sold a significant amount of SOL to FTX Trading and Alameda Research, resulting in a substantial price decline.
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Despite setbacks, Solana experienced a surge in January and February 2023, partly attributed to the meme coin Bonk.
As of the current update, SOL trades at $95.63, showing a 2.16% increase in the past 7 days.
As many analysts expect, Solana will probably experience a price surge during the potential upcoming bull run, along with the rest of major cryptocurrencies.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
