Solana (SOL) Hits New Yearly All-Time High
Solana (SOL) experienced a remarkable surge of 18%, reaching a new yearly all-time high of $63.98 on November 11. This surge contributed to an impressive 40% rally over the course of the week.
The token has undergone a slight retracement and is currently trading at $59.34 as of the latest available data from CryptoSlate.
FTX-dump Fears Ease
The FTX bankruptcy estate has been actively selling off 250,000 to 750,000 SOL tokens over the past two weeks. Despite initial concerns, the impact on price action has been limited due to vesting and lock-up mechanisms. Moreover, a weekly sale limit of $100 million has further mitigated potential negative effects on the market.
Investor enthusiasm is growing as the market continues its positive momentum.
Solana-focused Funds and Market Insights
Solana-focused funds, serving as indicators for institutional flows in the SOL market, reported inflows totaling $10.80 million in the week ending November 3, according to CoinShares.
VanEck, a prominent asset management giant, stated in a recent research report that SOL could experience a remarkable 10,000% growth in value if it manages to onboard 100 million users.
The excitement surrounding Bitcoin and Ethereum ETFs, filed by financial giants like BlackRock, has played a crucial role in the overall uptrend of cryptocurrency prices. This trend is notably driven by Bitcoin’s surge above $37,000.
Despite the focus on the two largest cryptos in the industry, market optimism is leading to a surge in altcoins as investors shift profits from Bitcoin gains into small-cap tokens.
Solana’s Performance and Market Sentiment
Solana has been one of the best-performing digital assets in the past 30 days, demonstrating resilience and attractiveness to investors.
Solana’s futures open interest reached a substantial level of around $772 million on November 11, the highest since 2021 when SOL set its record high of $260. High open interest levels indicate increased interest and potential liquidity in the market.
Market sentiment toward SOL remains strongly bullish. However, it’s essential to note that the weekly relative strength indicator (RSI) is at its most overbought level since September 2021, raising the possibility of a correction.