Solana began the New Year on a high, gaining 14% over the last 24 hours.
Analysis of the 15-minute SOL chart showed a distinct lack of price action until 07:00 (GMT) on the first working day of 2023.
A massive 20% spike occurred at this point, leading to a peak price of $12. However, the next candle closed at $11.18, giving up approximately half of those gains.
Nonetheless, the price action was sufficient to rank SOL as the second biggest gainer in the top 100, marginally behind Lido, which saw 14.6% gains over the same period.
Source: SOLUSDT on TradingView.com
2022 – a terrible year for Solana
Since the FTX collapse, Solana had been caught in the firing line due to its association with the disgraced exchange and former CEO Sam Bankman-Fried (SBF).
FTX is said to hold 58 million SOL tokens and was a significant supporter of the Solana ecosystem through a myriad of developments, including the building of the Serum DEX.
Peak-to-trough movements during the turmoil amounted to a 79% dra
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