Solana, a blockchain platform, experienced a significant recovery in 2022 after the collapse of FTX and Alameda Research, which were major backers of the platform. Solana became popular among retail crypto users and attracted memecoin projects like pump.fun. The increase in decentralized finance (DeFi) activity also benefited Solana, making its on-chain trading ecosystem the third-most-profitable sector in the crypto market.
The Solana token excelled among altcoins during the bitcoin-dominated bull market, increasing by 275% year-over-year.
