Solana Price Pumps to $24 - This is Why SOL is Very Far From Being a Dead Coin

cryptonews.com:

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.

A report by Messari, a leading crypto analytics platform, has shed some light on matters surrounding the possible threat to the existence of the Solana ecosystem. Nevertheless, we cannot deny the fact that the network suffered greatly due to its close relationship with the defunct FTX exchange. Almost the entire value locked (TVL), blockchain transactions, and the value of tokens across the ecosystem was backed by FTX and its sister company Alameda Research.

As strong as almost any other Layer-1 protocol, the Solana ecosystem still possesses a network of builders, an ecosystem of applications, and a war chest of finance. Solana saw investors return in droves over the Christmas holidays, strengthened by these elements.

While the Solana price comeback is an encouraging story, it is not exactly as painted above. The activities in the ecosystem began ramping up after Ethereum’s co-founder Vitalik Buterin highlighted the Solana network in one of his tweets, with nothing but support.

Another factor for Solana price rally is the launch of the first meme coin, BONK, on the blockchain in late December. As the coin went viral, its market cap exploded to $200 million before gradually fading to $55 million at the time of writing.

To a great extent, the Solana price uptrend to $24 was greatly influenced by