Solana Surges 175% Amidst Ongoing Challenges at FTX

Coinciding Bull Run Boosts Solana’s Performance

Amidst the ongoing bullish trend in the cryptocurrency market, Solana (SOL) has experienced remarkable growth, surging by over 175% in the last 30 days.

Solana Breaks $20 Billion Market Cap Milestone

The recent upturn in the crypto market not only propelled Bitcoin (BTC) to an 18-month high but also triggered substantial gains for Solana. The impressive performance pushed Solana’s market cap over the $20 billion milestone.

FTX Wallets Unstake $160M in SOL

Analysts at Lookonchain recently reported a significant unstaking of $160 million worth of SOL from FTX-linked wallets. This move led to a temporary dip in the price of Solana’s native SOL token, dropping to around $40, before staging a recovery. Despite this unstaking event, Solana’s price remains resilient.

  • Popular crypto trader, Bluntz, observed a consistent selling pattern by FTX, ranging between 250k-700k SOL daily for the past two weeks.
  • This selling pressure, surprisingly, hasn’t deterred SOL’s price, indicating a robust absorption capacity.
  • The analyst anticipates a further Solana price surge once this selling pressure subsides.

Solana Price Analysis

The latest data from CoinGecko reveals that Solana is currently trading at $60.39, marking a remarkable 183% increase over the past 30 days.

With a circulating supply of 420 million SOL, its market cap stands at $25.2 billion.

Solana’s Growth in 2023

Solana’s exceptional growth in 2023 positions it among the top three layer-1 blockchains, challenging Ethereum and Binance Chain with its unique technology and growing user base.

The journey of Solana in 2023 showcases a compelling narrative of growth, overcoming market challenges, and demonstrating resilience.

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