The value of Solana has been highly volatile since the network’s launch. In September 2021, the Solana blockchain’s market capitalization surpassed $63 billion, and by early November 2021, it had reached $74 billion. This represented a nearly 12,000% increase in value over the course of the year, with Solana tokens trading at a price of $259.96. The blockchain’s popularity at this time was due in part to the growing interest in NFTs.
However, Solana’s price took a sharp turn in November 2022, when it dropped by 40% in a single day following the bankruptcy of FTX. By the end of 2022, Solana had lost more than $50 billion in value since the beginning of the year.
Solana’s value had increased by 100% to a market capitalization of around $7 billion in the first three months of 2023, coinciding with a rise in the cryptocurrency market. However, on June 11, 2023, the price of Solana dropped by nearly 30% in a day after the SEC announced that it was a financial security. This announcement caused major exchanges to liquidate their Solana holdings#BinanceTournament #etf #Wormhole #BTC #SOLPriceAnalysis
