Solana rises nearly 270 percent by 2023

Solana is up nearly 270 percent since the beginning of the year. The FTX disaster appears to be over, but how long will the highs last?

So far, 2023 has not actually been a good year for Solana. The downfall of FTX weighed on the cryptocurrency like almost no other. However, this downward slide now seems to be over for good. A look at the SOL price shows that the coin has risen nearly 270 percent since the beginning of the year. From US$9.96 to US$39.04 at the moment. SOL is now back to pre-FTX bankruptcy levels, but is still far from its all-time high of US$260.

Solana rally not over yet

The Solana rally may yet continue, as at the recent Solana Breakpoint event in Amsterdam announced the developers behind the project that nodes are now available through AWS, Amazon's cloud service. This is intended to make it possible for less tech-savvy users to get started with the network as well. "The expertise has dropped significantly, deploying a node via Solana is easier than ever," said Dan Albert of the Solana Foundation. So far, only Ethereum has taken this step.

Users return

The rise in stock prices also resulted in more users return to the Solana ecosystem. Recently, user activity reached a two-year low, due in part to network outages that have repeatedly shut down blockchain. FTX, however, could put a damper on the highs. The bankrupt crypto exchange holds a total of about 60 million SOL tokens (current equivalent value: about US$2.34 billion). The company is currently deploying some of it.

To increase bankrupt assets to better pay injured parties, management is considering selling SOL. Much of the stock should be available for this next year.