Solana blockchain altcoin SOL has more than doubled in value this year, outperforming Bitcoin. The project seeks to leave its relationship with disgraced ex-crypto king Sam Bankman-Fried behind.
Solana (SOL) Shows Big Increase in 2023
SOL has risen nearly 125% since Dec. 31, outpacing gains in other major tokens amid the crypto recovery of 2023, along with a 78% rise in Bitcoin.
Industry turmoil last year, including the staggering collapse of Bankman-Fried, caused SOL to depreciate by 94%.
Solana is among the blockchains competing with crypto's most important altcoin, Ethereum, for a larger share of digital asset activity.
But as the FTX empire collapsed, Bankman-Fried's support faltered, while network failures overshadowed Solana's promise of speed delivered at lower costs.
"Solana has suffered from FTX and the protocol has suffered multiple disruptions," said Markus Thielen, Matrixport's director of research.
A more measured expansion has emerged with Solana launching the Saga, a mobile phone customized for crypto.
The device aims to provide a hardware vault for secure keys that prove ownership of digital assets. It also aims to offer easier access to blockchain-based services.
Research firm Messari said Solana was helped by its ecosystem growth strategy and a track record where developers have raised over $600 million in seed funding over the past two years.
While SOL has risen this year, it is trading at $22 per token, well below the $260 peak in 2021 during the pandemic-era frenzy that has boosted crypto.
*Not investment advice.
