Solana (SOL) has made a striking comeback, with its value doubling from $21 to almost $45 in recent weeks, earning it the title of the most actively traded alternative cryptocurrency in the US for 2023. This rally comes after SOL's value briefly dipped below $10 amid the FTX exchange debacle.

According to recent Kaiko research, SOL's price has rocketed by about 115% since mid-October. Coinbase has significantly contributed to this surge by purchasing 2.2 million SOL tokens on October 18, which preceded a 35% increase in SOL's price.

Conversely, Upbit, a major South Korean exchange, offloaded close to 4 million SOL tokens.

Solana's recent price jump is linked to increased network use, particularly with new liquid-staking protocols like Jito, Solana's second such service. Jito has raised $12 million and holds a total value locked (TVL) of $224 million.

As a competitor to Ethereum, Solana has outperformed the leading alt L1 blockchain lately. The SOL to ETH value ratio climbed from 0.011 in September to roughly 0.025, exceeding pre-FTX crisis figures.

Coinbase spearheaded the recent purchasing wave, snapping up 2.2 million tokens since October 16. Binance followed suit, amassing a total volume delta of 1.9 million tokens since the same date.