The Rumors of Solana's Death Have Been Greatly Exaggerated

Key Insights

• Solana has almost doubled off its recent lows. The appreciation was kickstarted by Vitalik Buterin’s supportive tweet and the launch of the memecoin BONK driving new user activity.
• Despite the lack of fundamental drivers for the recent price appreciation, the Solana token was vastly oversold for the fundamental underpinnings of the ecosystem.
• Across the Layer-1 (L1) landscape, other positive developments include further clarity on the Ethereum and Fantom roadmaps, the launch of Avalanche Warp Messaging (aka IBC for Avalanche), and signs of a healthy Ethereum ecosystem Post-Merge.

Layer-1 Sector Brief

The rumors of Solana’s death seem to have been greatly exaggerated.

After being down almost 95% from an all-time high of $259, Solana experienced a recent bounce of ~100% off the lows of ~$8.25 to hover above $16.50 at the time of writing.