Solana (SOL) price has recovered about 40 percent of the FTX capitulation in the past week. Most importantly, the smart contract ecosystem has recorded over 50,000 more active daily users. As of today, the digital asset is exchanging for about $13.24, down 91.5 percent in the past twelve months. Nonetheless, with over 160k in the global user base, the SOL coin is poised to another 40 percent spike soon towards $20.
Furthermore, Sol price is the best-performing digital asset in the top 20 by market capitalization. A rally toward $20 is more plausible as the next hurdle of resistance based on historical data.
From a technical standpoint, Solana bears have exhausted prospects based on the Elliott Wave principle. Following three consecutive waves of price dips, Solana is likely to be in the corrective phase, which may be followed by a long consolidation. Nonetheless, the speculative aspect of crypto assets may nullify the Elliott Wave theory, thus leading to more capitulation.
In that case, Sol price will be retesting its market entry-level, hence obliterating the 2021 bull market.
Meanwhile, the Solana development team is busy building decentralized applications (Dapps) to help onboard more global users seamlessly. As of today, the Sol ecosystem takes pride in over 48,000 active developers and about 1,075 daily programs used.
Notably, the Solana ecosystem has a total value locked (TVL) of approximately $8.15 billion, according to aggregate data from defillama. Some of the top DeFi projects built on the Solana network include Lido Finance, Orca, Solend, Saber, and Raydium with a TVL of $30M, $35.7M, $18.4M, $21.25M, and $29.13 million respectively.
The Solana ecosystem has received tremendous attention following the blast of the $BONK Inu meme coin. According to our latest crypto price oracles, $BONK Inu has gained over 2246 percent in the past seven days. With a market cap of approximately $86,309,943 and a 24-hour trading volume of about $151,623,401, the meme coin promises to bring more on-chain activity to the Solana ecosystem.
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In a bid to attract more crypto traders, the team behind BONK Inu has burned over 5 trillion tokens, representing 5 percent of the total supply.
$BONK represents the best of Solana. Our community is working together across the ecosystem to make positive change for all of us.
The 5 Trillion $BONK tokens allocated to “The Team” have been burned. pic.twitter.com/g7w62sdKhb
— Bonk! (@bonk_inu) January 5, 2023
The Solana network is competing with the Ethereum blockchain for the best smart contracts ecosystem to help in mainstream crypto adoption. While the latter remains undisputed in the smart contract industry, Solana continues to climb with the help of NFTs. Notably, NFTs on the Solana network have a market capitalization of approximately $970 million having minted over 20 million units.
John Kiguru is an astute writer with a great love for cryptocurrency and its underlining technology. All day he is exploring new digital innovations to bring his audience the latest developments.
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