Solana 24-hr Volume Rises 186% After Traders Exchange $1.5B SOL

While the crypto market remains passive with no significant price movement, the Solana blockchain, which the crypto community predominantly believed would fade out this year, has started making surprising price movements.

Under the seven days market window, Solana (SOL) experienced a sudden 35% growth, while other popular coins like Bitcoin (BTC) and Ripple (XRP) barely had a 1% growth. SOL now trades at $13.69, having touched $8.14 last week, one of its lowest prices in the previous 90 days.

Additionally, crypto traders bought and sold over $1.5 billion worth of SOL, shooting its 24-hour trading volume by an astounding 186%.

Previously, many famous Web3 figures made fun of Solana’s fall from grace when the blockchain lost over $8 billion of market value due to its exposure to FTX.

Due to Solana’s unexpected recovery, crypto influencer Satoshi Stacker makes a joke of Jim Cramer, a famous crypto critic, who last month expressed that investors holding SOL tokens were idiots.

Furthermore, after two of the most significant Solana-based NFT projects announced their migration to other blockchains, the CEO of MoralisWeb3 asserted that it was because blockchain developers were uninterested in building on a dying infrastructure like Solana.

Solana was formerly one of the top ten largest cryptos by market cap, but it now ranks 16, with a market value of less than $5 billion. The Solana team previously raised about $300 million in a private Initial Coin Offering (ICO) from several private investment companies, including Alameda Research, FTX’s sister firm.