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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.
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Tom is a Sr. Research Analyst at Messari. His primary focus is on Layer-1's as well as the relationship between traditional finance and crypto. Prior to joining Messari, Tom worked in Investment Consulting at Meketa and Investment Management at SSGA. Tom studied Finance at Bentley University and earned his CFA and CAIA Charters.
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