- Solana has seen a 22.47% increase over the past week.
- The increase saw the token recover the FTX collapse.
- Breakpoint 2023 event catalyzes Solana’s market metrics.
This week saw the crypto market buzzing with activity, fueled by macroeconomic events and optimism. Even so, Solana managed to stand out in performance.
After almost a year, the altcoin recovered from the disastrous collapse of FTX, one of its largest holders. But what is fueling this recovery?
What’s Driving Solana’s Performance
On Monday, November 1, Solana’s price stood at $38.90, marking a significant 22.47% increase over the past week. This comes against a significant community event and a sense of optimism among investors.
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A recent event that has significantly impacted Solana’s metrics is the Breakpoint 2023 conference. Held from October 30 to November 3, 2023, the event is taking place at the Solana Campus within TAETs Art and Event Park, located just 15 minutes from central Amsterdam.
One of the speakers was Anatoly Yakovenko, who drew some attention due to his commitment to the Halloween spirit. The Solana founder came to the stage in a dragon costume.
The conference’s apparent success is also driving Solana’s price, helping it recover to its price before the collapse of FTX.
Solana’s Comes Back After the FTX Collapse
Thanks to this rally, Solana has, for the first time, reached the level before the FTX collapse in November 2022.
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The bankruptcy of FTX had a significant impact on Solana, as FTX was one of the largest holders of SOL. Its collapse led to a ripple effect on the broader Solana ecosystem, plummeting SOL prices. In December 2022, the altcoin fell below $10.
Solana’s ties to FTX have been a point of contention in the crypto space since the collapse. Moreover, traders were concerned about FTX’s still significant SOL holdings. Despite these concerns, SOL has recovered steadily over the past 11 months.
On the Flipside
- Despite the FTX collapse, the Solana Foundation continued to develop. This has boosted the community’s confidence in the project.
- The potential liquidation of SOL holdings by the FTX estate could still impact Solana’s price negatively.
Why This Matters
Solana’s recent performance shows resilience and could indicate its potential as a long-term player in the crypto space.
Read more about Solana’s latest surge:
Unpacking Solana’s 7% Price Jump: What You Need to Know
Read more about the dYdX mainnet launch:
Bridging and Staking Debut with dYdX Chain Launch
