Solana Blockchain SOL Token Doubles From FTX-Crash-Induced Lows, but Will It Continue to Rebound?

SOL's price has surged 114% so far this year, slowly recovering from losses from early November. Crypto traders and analysts are navigating the prospects for the Solana community.

Timeline of Solana

The Solana (SOL) price has seen a significant rally of over 79% in the past 30 days, despite the recent crisis on FTX and Alameda.  According to current crypto price oracles, SOL is currently trading around $21.33, down approximately 6.1%. Since hitting lows of $7.

Solana price analysis is showing signs of bearish activity, as the bears have returned back to the price charts. After spiking high earlier, the price went down during the last few hours, but the bulls also managed to escape the bearish pressure at some points.

The Solana price explosive move since late December has seen investors rush back to the project in the wake of the FTX implosion. Recovery began with a final dip to $8.05, riding on the momentum created by BONK, the first meme token on the Solana blockchain.

Solana (SOL) has grown quickly over the last two years to rank among the top blockchains in market capitalization and usage. Yet Solana was the crypto platform most adversely impacted by the FTX meltdown.

Key Points: The Solana Foundation and the blockchain platform Ripple announced on January 17 that they are collaborating with the industry body Global Blockchain Business Council (GBBC) to advance the deployment of encryption-based solutions to tackle climate change. Solana Foundation, Ripple, and GBBC have formed partnership to support crypto climate change solutions.

Solana is enjoying a positive start to 2023 after spending most of 2022 in decline due to the crypto winter. Also, SOL's exposure to FTX caused its price to decline rapidly following the FTX saga in November 2022.

Austin Federa, head of strategy and communications at the Solana Foundation, has hinted at major development for the Solana network in 2023, igniting a major spike in SOL's price after more than three months in the doldrums.

Solana price is one of the best-performing cryptocurrencies in the market, with gains exceeding 90% in 30 days, 133% in 14 days, and 62% in seven. It is as if the token, SOL needed a little push north to win back the hearts of investors who have been walking away amidst rumors of a dying network. In just a few weeks, Solana's value has jumped so that it's trading above the $20.00 level in reference to December lows of $8.01.

Solana's price doubled since the end of December, and bulls continue to be in control of the price action. Key Support levels: $20 Key Resistance levels: $27 SOL has managed to fully recover most of the drop that started in November 2022.

Solana (CRYPTO: SOL) is having an incredible comeback run in 2023 after seeing a dramatic decline of more than 80% in 2022.   What Happened: Solana gained 50% in the last seven days and, at the time of writing, was trading at $23, according to Benzinga Pro Data.