SOL hit a high of 2023!
The price of Solana has increased 10 times since the beginning of the year, but the token is trading below the all-time high of $250 reached in November 2021 during the peak of the crypto market. SOL's capitalization exceeds $41.7 billion, making the token the fourth largest crypto asset after bitcoin (BTC), Ethereum (ETH) and USDT.
SOL token has recovered the losses faced by Solana developers amid the collapse of crypto exchange FTX in November 2022. The trading platform was Solana's largest investor, so after its collapse, market participants started talking about the project's imminent demise, argues Nikita Vassev, founder of TerraCrypto.
The Solana team positions the project as an "Ethereum killer", and the platform does offer effective tools to solve the problem of low bandwidth: transactions with SOL are much cheaper, and operations in the network are processed faster. Ethereum is favored by its reputation as a pioneer the project has survived more critical moments, earning the trust of many participants of the crypto community.
