Solana (SOL) has endured a steady recovery since the collapse of Sam Bankman-Fried's FTX and Alameda Research in 2022. In the first quarter of 2023 SOL experienced a surge of 104%, outperforming other top 25 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). This jumped 140% between January and February with little fundamental developments attributed to the hike, as the pair had simply been overly sold in December and traders were eager to buy the dip. There was also the optimistic view of Messari's assessment of the Solana ecosystem post-FTX crash which noted that Solana's decentralization and staking had not only stayed stable, but actually improved.

April has not seen any dip, with the exception of a minor correction in the first week, and many are expecting further price increases. This optimism grew further after Solana announced a new state compression solution in April that looks to decrease on-chain storage expenses by a large amount, making them more viable for enterprise use cases. Developed with Metaplex and supported by other RPC node providers, various Solana decentralized applications (DApps) such as NFT minting, business loyalty programs, and user experience enhancements have already been advanced, with promising results.

At the time of writing, SOL is trading at $20.03 and has dropped by 5% in the past week. A lot of eyes are on Solana in the second quarter of 2023, to see just how far it can push its sustained recovery.



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