Kaiko: Solana price ratio shows recovery from FTX collapse

Kaiko reports Solana is experiencing a price surge, with the SOL/ETH price ratio witnessing a strong reversal.

The Dec. 19 post on X highlights the ratio between Solana (SOL) and Ethereum (ETH) approaching 0.04, after previous highs around 0.06 in 2021 and lows of 0.01 in the beginning of 2023.

$SOL is on a tear.

For the first time since 2021, the SOL/ETH price ratio saw a strong reversal as the Solana network recovers from the devastating collapse of FTX. pic.twitter.com/hAlCC23Yq0

— Kaiko (@KaikoData) December 19, 2023

According to an earlier post from Kaiko, the rally, which has continued into December, is closely tied to a renewed sense of optimism surrounding the blockchain platform, demonstrating resilience in the face of challenges posed by FTX, the exchange founded by Sam Bankman-Fried that supported the Solana blockchain and used it as a foundation for building before it collapsed. 

Despite FTX’s situation, SOL was reported by Kaiko as one of the year’s standout performers, notably outpacing ETH since early fall. Moreover, the SOL rally has reportedly disrupted the FTX bankruptcy claims market dynamics with the collapsed exchange’s estate, currently holding approximately $4.2 billion in SOL, a notable increase from the $1.16 billion at the beginning of the year.

CoinMarketCap reported the SOL price at $73.91, a 4.72% increase in the past 24 hours and a 508.29% increase in the last year.

The news comes one day following the news of EURC being made available on Solana, which Circle touted as being a high-speed and low-cost network.