Solana’s price surges to a 14-month high of $46 despite FTX unstaking over 500K SOL coins, with potential for a $50 rally.
- Solana’s price surges to $46, reaching 14-month highs.
- FTX unstakes over 500K SOL coins worth $21 million.
- SOL extends monthly gains by over 80%, outperforming top ten cryptocurrencies.
- Solana’s DeFi TVL shows significant activity.
SOL Recovering Its Losses
Solana (SOL) has continued its remarkable rally, surging by another 12% in the last 24 hours to reach a 14-month high of $46. This surge has allowed SOL to recover all its losses incurred following the collapse of the crypto exchange FTX.
Despite crypto exchange FTX unstaking over 500,000 Solana coins, equivalent to a staggering $21 million, the bulls in the SOL market appear to maintain their upper hand. This recent price rally has extended Solana’s monthly gains to over 80%, firmly establishing it as the leading performer among the top ten cryptocurrencies year-to-date, with gains exceeding 350%.
— John Morgan (@johnmorganFL) November 2, 2023
Market observers are now watching closely to see if Solana can maintain support at $40, potentially paving the way for a further rally to the coveted $50 mark. Additionally, Solana’s decentralized finance (DeFi) total value locked (TVL) has also shown robust activity over the past few weeks.
SOL’s Remarkable Performance
One key factor driving SOL’s rise is its efforts to distance itself from its association with the discredited former crypto magnate Sam Bankman-Fried. SOL’s impressive operational performance, having experienced only a single network outage in 2023 compared to 14 incidents in the previous year, has also contributed to its recent success.
Solana’s recent surge to 14-month highs despite the significant FTX unstaking highlights the strength of the SOL ecosystem and investor confidence in its long-term prospects. The ability to bounce back from such setbacks demonstrates resilience and suggests that Solana has a solid foundation.
Furthermore, Solana’s integration with Amazon Web Services (AWS) through the Node Runner app represents a significant step forward for the blockchain. This move enhances accessibility for enterprises and businesses, reducing the technical expertise required to deploy nodes and connect decentralized applications to Solana. The increased ease of use is likely to attract more developers and enterprises to the Solana ecosystem, potentially fueling further growth in the future.
Dan Albert’s excitement about this development underscores the importance of simplifying node deployment and expanding the Solana ecosystem, making it more accessible to a broader audience. As Solana continues to innovate and build strong partnerships, its position in the blockchain space appears increasingly secure, driving both its price and adoption higher.