Solana (SOL) Update: Recent Impressive Rally
Solana (SOL), a cryptocurrency that garners mixed opinions, continues to be in the spotlight due to its recent performance.
After the FTX crash, Solana, favored by Sam Bankman-Fried, the CEO of the exchange, and with a substantial investment, experienced a surprising collapse, plummeting to approximately $8.
However, Solana has made a strong recovery over the last month, surpassing its pre-FTX crash levels. The price of SOL has witnessed a remarkable 150% increase during this period.
During the latest rally, the altcoin’s price surged above $54 for the first time since May 2022, despite the FTX crash that transpired in November 2022. This rally persisted despite the selling pressure on SOL, which is now under the control of FTX’s new management, overseeing assets worth over $1 billion.
Cryptocurrency analysis firm Santiment conducted an assessment of the recent surge in the SOL coin. According to analysts, mentions of SOL on social media platforms have peaked once again, signaling that the mainstream community is recognizing SOL’s divergence from the prices of other assets.
Furthermore, Santiment analysts noted that SOL’s funding rates are high but have not yet entered the “danger zone.”