Market Note: SOL Surges and Stalls

JAN 25, 2023 • 10 Min Read

Priyansh Patel Priyansh Patel
The authors have not purchased or sold any token for which the authors had material non-public infor


Many had written off Solana as yet another hyped L1 narrative play from this cycle. However, the most recent rally has left many market participants sidelined and speechless. The “up only” regime on a billion-dollar asset has inspired renewed attention and, with it, plenty of opportunities.

Prior to November 2022, Solana was largely viewed as a “Sam” coin, a token that was closely associated with the FTX/Alameda brand. So, it stands to reason that when these entities went bust, SOL fell by over 60% within a week. The sizable sell-off was not limited to SOL, as all associated assets also suffered heavy drawdowns. But SOL, among other FTX-associated assets, was among the worst hit in terms of price action.

The transition from negligible levels of interest to being the center of attention warrants a detailed analysis of SOL. Without

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