Solana had a strong association with FTX, and the latter’s collapse last year had significant repercussions for the SOL token. However, the seventh-largest crypto-asset has pursued a strong recovery this year.
According to Nansen’s latest analysis, SOL has been trending positively since the summer. In fact, the SOL vs ETH ratio was found to have been breaking higher, nearing highs not seen all year.
Since the collapse of FTX, SOL has declined more than ETH, meaning ETH has been the better coin to hold…
But since summer, SOL has been trending positively, with the SOL vs ETH ratio breaking higher, nearing highs not seen all year
Will this momentum continue? pic.twitter.com/aDhh0wY92q
— Nansen 🧭 (@nansen_ai) October 19, 2023
- During the second quarter of 2023, the SEC filed regulatory complaints against Coinbase and Binance, both of which had listed SOL as a security alongside other assets.
- As a result of these complaints, SOL experienced a significant 34% decrease in its price.
- However, the token rebounded stronger than the other assets identified as securities by the end of the second quarter and maintained that positive momentum into the third quarter.
- Following a brief decline, possibly attributed to the imminent liquidation of Alameda/FTX’s SOL, the crypto asset closed the quarter with a market capitalization of $8.4 billion, reflecting a 17% increase quarter-over-quarter.
- Particularly noteworthy is SOL’s outperformance compared to assets with similar market capitalization; it climbed from the 10th to the 7th position in market cap rank over the same quarter.
- Additionally, Solana’s DeFi TVL increased 32% QoQ to $368 million, as a recent Messari report while the growth is fueled by DeFi and liquid staking protocols rolling out points programs, led by MarginFi, Jito, Cypher, and BlazeStake, among others.
- Moreover, the total revenue, including all fees accumulated by the protocol, jumped by 19% in USD and reached a whopping $4 million. This marked a 10% growth in SOL terms, amounting to 185,400 SOL.
- Solana transaction fees were found to be among the “steadiest and cheapest” of all networks.
- In the third quarter, the average non-vote transaction fee was $0.0002.