Solana has been hit hard since November as one of the blockchain networks hit hard by the bankruptcy of one of its biggest backers, FTX. SOL, which was one of the top 10 cryptocurrencies until November, fell rapidly in the ranking due to the meltdown in its capital after the rapid decline. Trying to find support in the $ 13 band in December, the crypto money was left with a second crisis after the decision of the network’s largest NFT projects to migrate to the Ethereum and Polygon network. Due to this negative development, SOL decreased to $ 8 in the last days of 2022.
The smart contract network, once touted as Ethereum’s biggest competitor, had begun to struggle for survival as the year closed with rumors as more projects were leaving the network and their validators leaving the network. However, the Ethereum co-founder, one of the most influential names in the crypto industry, talked about his confidence in the Solana network when the SOL price was at the bottom, and the recovery in the cryptocurrency coincided with this statement.
SOL, which closed the year just under $10, saw a serious jump this week. As of now, the altcoin, which has risen close to 40% on a weekly basis, has now made up for its losses in December by approaching the $ 14 limit. The biggest jump came in the last 24 hours. SOL is in the position of the most rising asset in the top 100, seeing a 17% increase in value since yesterday. This leap is attributed to some new developments.
The latest jump in Solana price comes with an airdrop of the token called BONK, which has been spotted in the ecosystem’s prank-themed crypto asset class. The BONK airdrop is seen as an event that increases demand for the Solana ecosystem. Of the 44 trillion tokens distributed in the Bonk project, 20% were sent to NFT collections on the Solana network. 10% is reserved for developers who support the project. While the recent increase in demand is thought to be due to the airdrop in the current situation, the risk of fluctuations in the price of SOL after the end of this excitement is also emphasized, and commentators think that Solana needs new projects to catch a more sustainable trend in the long term.