Solana network grows in multiple areas: Are the tables turning for SOL

On 22 January, Solana SOL re-entered the top 10 club after several tough weeks of price decline. Growth was noted in a few areas, such as market capitalization and its NFT ecosystem.

Timeline of Solana

A widely followed trader says he sees more upside potential for smart contract platform Solana (SOL) and two tokens flying under the radar. Pseudonymous Cantering Clark tells his 158,900 Twitter followers that traders who continue to bet against the Ethereum rival will likely be blown out of their positions by a short squeeze.

Solana was performing well in the NFT market over the last 30 days. According to data provided by Delphi Digital, Solana outperformed most cryptocurrencies in terms of NFT volume and managed to secure the second position.

In recent times, the Solana price has witnessed a considerable upward push, which made the coin breach important resistance levels. Over the last 24 hours, SOL has rallied close to 20%, and in a week's time, the altcoin has appreciated close to 40%.

House to over 350 decentralized applications (dApps), a new report from Messari revealed that leading open-source blockchain Solana closed the 2022 trading year with a significant drop in its key growth metrics and revenue.

The Solana coin price has witnessed a remarkable recovery since the beginning of the new year. Within the past three weeks, the coin price surged 162% and reached the current price of $25.5.Moreover, the steady growth in volume activity and in between minor corrections indicate a sustained growth in SOL price.

Solana price analysis is going bullish for today as it reveals that the price has been following an upward movement since yesterday, as the bulls have constantly been striving for the lead. Bulls have finally dodged the ongoing bearish trend as the coin was on the decline previously.

Solana – a crypto that's otherwise known as SOL to its personal holders – continues to shed value given it's so tied to the fallen crypto exchange FTX and its disgraced head executive Sam Bankman-Fried. Solana Isn't Doing Too Well FTX is currently in the process of filing bankruptcy.

Solana (SOL) recovered from the slight pullback yesterday, even when the general crypto market cap dropped today. SOL which has been on an uptrend in the past week saw a 28.44% increase during this time.

Solana price analysis for January 20, 2023, reveals the market following a partial bullish movement; moreover, Solana has obtained massive positive momentum, signifying a decline for the SOL market. The price of Solana has remained negative over the past few hours.

The solana price is down by 1% today, having dropped to $21.03 in the past 24 hours. Its current level represents a 26% increase in a week and a 71% surge in the last 30 days, with the layer-one cryptocurrency compensating for some of the steep losses it incurred last year.