Solana's price experienced a significant surge of 104% in the first quarter of 2023, outperforming every other cryptocurrency in the top 25, including Bitcoin and Ether.

The rally in January 2023 corresponded with Messari's assessment of the Solana ecosystem following the collapse of FTX, showing that Solana's staking and decentralization had remained stable and actually improved.

Solana also recently announced a new solution to decrease the expenses associated with on-chain storage significantly, named "state compression," which reduces the cost of creating 1 million non-fungible tokens (NFTs) on the Solana network to approximately $110. Various Solana ecosystem projects have already implemented state compression to develop various applications, including NFT minting and user experience enhancements.