The cryptocurrency market underwent a substantial recovery in 2023, with the top cryptocurrency, Bitcoin (BTC), leading the market with 160% year-to-date (YTD) gains.

This rising tide lifted many altcoins as the bull market took off, with several experiencing substantial gains. Let’s take a closer look at the biggest price rebounds of 2023. 

Solana stages big comeback

Solana (SOL) made the biggest comeback of 2023, rising nearly 1,215% from its cycle low of $8.27 in December 2022. Additionally, it’s up 485% versus Bitcoin from its cycle low of 0.00004952 BTC on June 5.

SOL price had fallen 95% in 2022, one of the biggest losers that year, to under $10, primarily due to its FTX exposure.

But Solana’s rise in 2023 can be attributed to its resilience amid FTX’s bankruptcy asset sales, significant decentralized application usage growth, increased market demand and network activity and better network stability.

Solana’s emphasis on mobile accessibility and efficient transaction capabilities also attracted new users and developers, bolstering its market position and adoption.

SOL price analysis

Solana price chart technicals are painting a bearish outlook for the beginning of 2024, however.

Notably, SOL’s weekly relat

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Author: Yashu Gola

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