Once associated with FTX, one of the largest cryptocurrency exchanges in the world, Solana (SOL) paid the price for it. After a record surge, SOL’s price plummeted, especially due to the FTX incident, leading many to believe that this was the end for SOL. However, Solana seems to have risen from the ashes.
FTX Crashed, SOL Did Not!
Solana is definitely showcasing a comeback story after the crash of FTX. The latest development for Solana involves Jito. The increase in volume in Solana-focused protocols has also led to an increase in new protocols. The latest addition to Solana-focused protocols is Jito, which supports maximum yield through the Solana liquid staking pool.
Jito, one of the promising protocols on the Solana network, has recently gained attention. Currently, the protocol hosts 20% of the total locked token value on the Cardano network. This makes Jito’s arrival on Solana highly valuable. Despite this significant growth, Lido is currently the leader on the Cardano network, and it is likely that Lido will soon come to Solana as well.
Looking at the SOL price, it can be seen that this increase in the DeFi world has affected the price. SOL has increased by 120% from its previous low point, indicating a rally and a potential turnaround. The arrival of DeFi protocols like Jito can attract more users to the network and accelerate SOL’s growth.
SOL Makes a Comeback
Currently, SOL is trading around $23.74 and has experienced a decline after its record rise. Within 7 days, SOL has dropped by 12%. This decline aligns with the overall situation in the cryptocurrency sector. The leading cryptocurrency, Bitcoin, has experienced a sharp decline and continues to fall below $29,000. If BTC falls further to the $28,000 support level, a much bloodier scenario can be expected for SOL and other altcoins.
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