2023-12-30 19:33 |
Solana (SOL) price attempted to rebound on Friday as some of its ecosystem tokens bounced back. The token rose to a high of $110, much higher than this week’s low of $96. It had retreated in the previous three days, forming a three black crows chart pattern.
Solana rebounded as some investors bought the dip ahead of the so-called January Effect. This is a situation where financial assets like stocks and cryptocurrencies rally at the beginning of the year. For example, SOL price rose from $8.20 in January 2023 to a high of $26.83 on January 28th.
Other cryptocurrencies had similar moves. For example, Bonk, the first meme coin on Solana’s ecosystem, had its first explosive jump in January. Popular cryptocurrencies like Bitcoin, Polkadot, and Cardano also rallied in January.
Solana price also jumped as some of its top tokens bounced back. Solend’s SLND token jumped to a record high of $4 on Friday. It has risen by over 1,200% from its lowest point during the year. Solend has grown to become one of the top players in Solana’s DeFi ecosystem with over $210 million in assets.
Helium Mobile (MOBILE), a recent part of Solana’s ecosystem, rose by over 20% while Solanium’s SLIM token jumped by more than 21%. Other top players in the network like Marinade Finance, Jito, Raydium, and Orca also continued rising.
Solana is ending the year as one of the most important players in the blockchain industry. DEX networks like Orca and Raydium now rank among the top ten biggest platforms in the sector. Orca is the third-biggest DEX in terms of volume after Uniswap and dYdX while Raydium is the tenth.
Still, there are concerns about Solana’s valuation. Some analysts have noted that Solana’s market cap, which stands at over $46 billion.
I keep asking folks for actual business or consumer applications that would justify solana being worth [ checks notes ] $46b (!!!) and no one can name a single one that has any scale.
What are solana’s revenue or earnings?
This isn’t financial advice, but if the market cap is… pic.twitter.com/Lfx4jKEhQS
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