BREAKING: Solana (SOL) has staged one of finance's most dramatic recoveries, surging from a catastrophic $9 low during the 2022 crypto winter to surpass $293—a staggering 3,155% climb that defies conventional market expectations. The asset's unprecedented rebound, following its near-total collapse amid the FTX contagion, now stands as a landmark case study in cryptocurrency resilience and network evolution.

Why Did Solana Collapse To $9 In 2022?

Solana (SOL) took a big hit after the collapse of FTX due to the exchange’s big SOL holdings. FTX was quite bullish on SOL, and held about 55.8 million SOL tokens, valued at around $1.16 billion, at the time of its bankruptcy. The figure represented about 10% of SOL’s entire circulating supply, and made up of a majority of FTX’s holdings. FTX began to sell a large portion of its holdings to repay creditors, and as a result, SOL’s price tanked.

Not only did Solana’s (SOL) price see its most significant dip, the network also saw an exodus of developers. Investor sentiment around the project plummeted, and the project’s future was put into question.

How Did The Project Rebound?

Despite its massive crash, Solana (SOL) emerged as a top blockchain among users. The SOL network could handle large transaction volumes, which attracted users and developers. Additional developments, such as a high-performance layer-1 led to further confidence among investors.

Solana (SOL) also became a popular blockchain to launch memecoins. Pepe (PEPE), Bonk (BONK), etc., saw substantial interest within the crypto community. Pro-crypto legislation in the US also helped propel SOL’s price.

Solana (SOL) went on to hit a new all-time high of $293 in January 2025. The project’s incredible comeback has garnered it the title of being “one of the most resilient cryptocurrencies” in the market.