Solana gaining momentum according to Nansen report

Following FTX’s collapse, Nansen on-chain data shows that SOL has outperformed ETH, emerging as the preferred investment choice.

At the same time, Kaiko, an alternative source of cryptocurrency market data, reports that Solana is still suffering the effects of the exchange’s bankruptcy.

Looking forward

According to recent findings from Nansen, Solana’s Total Value Locked has nearly doubled since the beginning of the year, reaching a substantial 30.95 million SOL, as the Solana vs. Ethereum ratio has since been reported to be approaching year-long highs.

Since the collapse of FTX, SOL has declined more than ETH, meaning ETH has been the better coin to hold…

But since summer, SOL has been trending positively, with the SOL vs ETH ratio breaking higher, nearing highs not seen all year

Will this momentum continue? pic.twitter.com/aDhh0wY92q

— Nansen 🧭 (@nansen_ai) October 19, 2023

Despite facing previous setbacks, including network interruptions and the FTX incident, Solana has maintained a 100 percent uptime year-to-date, underscoring its enhancements and resilience.

You might also like: Why Solana is a bad deal: trader explains

Solana has since implemented solutions such as state compression and isolated fee markets to address significant issues within its technology stack, with state compression dramatically reducing the cost of NFT minting on Solana by over 2,000 times.

Still bearing the effects of FTX

At the same time, in an Oct. 20 post on X from Kaiko, the data provider is quick to point out that Solana ecosystem tokens have continued to suffer since the FTX collapse.

#Solana ecosystem tokens have suffered since the #FTX collapse.

SRM, MAPS, FIDA, and OXY were all held by the exchange/Alameda, and liquidity has either crashed or remains extremely low. pic.twitter.com/9JQ8FwDPKU

— Kaiko (@KaikoData) October 20, 2023

The post cites that SRM, MAPS, FIDA and OXY were all held by the exchange and, as a result, continue to face low liquidity.

For the market, contrary views on the token make it difficult to determine if the token really is a good investment at this time.

Read more: Lido announces phased shutdown of Solana operations

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