While most major cryptocurrencies slipped in Tuesday morning trading, solana (SOL-USD) tokens gained 7.3% after collapsing over 90% in 2022 given its close ties to disgraced FTX (FTT-USD) founder Sam Bankman-Fried.
The alt-coin, one of the hardest-hit cryptos after the fallout from crypto exchange FTX, changed hands at $11.87 at 8:24 a.m. ET, up from $11.28 at the start of 2023, but down from its all-time high of $258.63 in November 2021. According to CoinMarketCap data, its market cap of $4.37B dropped from $51.96B a year earlier.
The two largest tokens by market cap, bitcoin (BTC-USD) and ethereum (ETH-USD), were trading sideways despite stock index futures on the rise. Overall, the global crypto market cap gained just 0.12% to $807.7B in another session of light volume.
In November, Seeking Alpha contributor Mike Fay noted that solana’s price depreciation wasn’t limited to FTX contagion, but also its poor TVL metrics and lack of NFT buyers.