Solana shakes off its death rattle with a 140% jump in value since the start of the year

After crypto pundits predicted that Solana’s days were numbered due to its close ties with FTX's Sam Bankman-Fried, the cryptocurrency has made a surprising comeback

since the start of the new year. The cryptocurrency was trading at $24.28 on Tuesday, according to CoinMarketCap, up about 140% from the start of 2023 when it hovered

around the $10 range. On-chain activity also increased in early January, with crypto market researcher Messari reporting earlier this month that transaction volumes and active

accounts had returned to levels pre-dating the collapse of crypto exchange FTX. In the last week, the 10th largest cryptocurrency by market capitalization has climbed 5%

and is up 1% over the last 24 hours. View this interactive chart on Fortune.com Solana's underlying blockchain of the same name amassed lots of investor

excitement in the past couple years and was branded an “Ethereum killer,” poised to challenge the popular Layer 1 blockchain. Its token rose to a high of $260 in November 2021

based partly on this hype, but since then the token has faced a number of challenges.  Partly to blame for Solana’s depreciation is the ongoing Crypto Winter, but

investors have also wavered because of frequent outages and its close ties to former FTX CEO Sam Bankman-Fried.  The now disgraced former CEO was a major advocate and

investor in Solana, and FTX’s collapse in November caused the token to fall more than 56% over the course of that month, according to CoinMarketCap data.