Are we witnessing a major shift in blockchain adoption as Solana’s user numbers skyrocket, or will Ethereum’s continued dominance in high-value applications keep it ahead in the long run?

Solana’s massive comeback

Solana (SOL), one of the most promising blockchain networks in the crypto space, has experienced a wild ride in recent years. 

After soaring to new highs in 2021, with SOL hitting a peak of $260.61 in November, the token saw its fortunes reverse dramatically following the collapse of FTX in 2022. 

FTX’s founder, Sam Bankman-Fried, was a vocal supporter of Solana, and his trading firm, Alameda, held a large amount of SOL. When FTX went under, it sent shockwaves across the crypto market, and Solana was one of the hardest hit. 

SOL’s price plummeted to below $10, losing more than 90% of its value, weighed down by market-wide panic and selling pressure tied to its association with FTX.

Fast forward to 2024, and Solana’s price action is telling a new story. Starting the year strong, SOL continued its bullish momentum from 2023, gaining ground steadily. 

However, by Sep. 6, SOL’s price had cooled off, dropping to a low of $121 as bearish sentiments briefly took over.

Yet, as of Oct. 23, SOL is trading around $168, marking a solid recovery from its September dip and a far cry from the $10 lows seen in 2022. 

This resurgence is part of a broader recovery in the crypto market, with bullish sentiment starting to return across major assets. 

With renewed interest in Solana’s technology and increasing adoption, is Solana gearing up for another bullish run, or will volatility bring fresh challenges?

Let’s explore the key factors driving SOL’s price, compare them with Ethereum (

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Author: Ankish Jain