Hold on, Solana is not dead just yet — this negates everything you know

• SOL rose by virtually 95% for the reason that finish of the 2022 buying and selling 12 months
• SOL additionally noticed elevated exercise on its native after the launch of the BONK token

Messari, in a brand new report on 10 January, challenged the notion of Solana’s [SOL] poor community efficiency. The report highlighted its sturdy elementary metrics and optimistic value efficiency of its native coin in latest weeks. The report additionally advised that the damaging sentiment in direction of Solana’s layer 1 community could have been overstated.

Read Solana’s [SOL] Price Prediction 2023-2024

Contrary to the widespread perception that exercise on Solana plummeted because of the sudden fallout of FTX, the on-chain information supplier discovered that day by day lively wallets on main protocols housed on Solana “stayed constant Post-FTX.”

In truth, up to now 4 weeks, the depend of day by day lively wallets on the chain has tripled pre-FTX ranges regardless of the massive drop in SOL’s worth in December. 

Messari has this to say about Solana

On whether or not the depend of day by day lively wallets on Solana would proceed to develop at this fee, Messari acknowledged, 

“It is certainly an open question as to how sticky this new level of volume is however, at the very least, a consistent level of volume with FTX exiting the ecosystem is a positive sign.”

Further, Messari assessed Solana’s transaction volumes and lively fee-paying accounts and located that each metrics have returned to pre-FTX highs.

“Speculation may have spiked the recent activity, but it is difficult to pinpoint the FTX collapse by looking at these metrics, implying the level of user activity never really fell off from pre-FTX levels.”

Source: Messari

Despite the rally in consumer exercise on the community, gasoline charges stay comparatively low, Messari discovered. While base charges on Solana have remained regular, there was a spike in precedence charges for “using more active areas of the network (i.e., BONK).”

Source: Messari

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Thanks to Buterin and the most recent canine coin on the town

Solana’s native token, SOL, has seen a major improve in worth, rising by virtually 95% from the top of the 2022 buying and selling 12 months. 

The latest surge within the worth of SOL has been attributed to 2 key components, first the assist from Ethereum founder Vitalik Buterin, who tweeted in assist of the Solana community after the FTX collapse on 30 December. The second, elevated exercise on the Solana blockchain following the launch of the BONK token.

Some sensible folks inform me there is an earnest sensible developer group in Solana, and now that the terrible opportunistic cash folks have been washed out, the chain has a vibrant future.

Hard for me to inform from exterior, however I hope the group will get its honest probability to thrive🦾🦾

— vitalik.eth (@VitalikButerin) December 29, 2022

At press time, SOL exchanged palms at $16.08. With elevated buying and selling ongoing at press time, key momentum indicators such because the Relative Strength Index (RSI) and the Money Flow Index (MFI) have been noticed at overbought highs. The RSI was pegged at 70.22, whereas the MFI rested at 75.31.

Source: SOL/USDT on TradingView