Solana (SOL) Price Defies FTX Fears to Rally 26% as Analysts Predict New Highs
The post Solana (SOL) Price Defies FTX Fears to Rally 26% as Analysts Predict New Highs appeared on BitcoinEthereumNews.com. The price of Solana (SOL) has surged 26% over the past week, outperforming most major cryptocurrencies as it breaks key resistance levels. This latest rally comes despite initial fears that SOL tokens could be dumped en masse by bankrupt crypto exchange FTX. Keypoints Solana (SOL) price has rallied 26% over the past week, defying fears of potential selling by the FTX bankruptcy estate. SOL gained 11% on Friday, reaching $29. It has outperformed most major cryptos over the past week. Concerns over FTX subsidiary Alameda Research dumping its SOL holdings proved overblown so far. Alameda’s recent staking of 5.5 million SOL worth $122 million helped calm market worries about mass selling. SOL saw massive inflows into investment products, with $24 million entering last week according to CoinShares. Network activity on Solana blockchain increased recently, signaling growing adoption and usage. A recent Solana upgrade also added encryption and reduced hardware requirements for validators. Technicals show SOL broke out against Ethereum, while it’s testing resistance around $27 which could lead to a move toward its yearly high around $38. Analysts remain predominantly bullish on SOL, forecasting a continued rally to new 2022 highs and even $250 in the long run. SOL gained 11% on Friday to reach $29, testing upside barriers that could lead to a move toward its 2022 high around $38 if cleared decisively. Solana has been one of the best performing digital assets this year, advancing 170% even after steep declines in the FTX-led crypto market turmoil. Concerns emerged that Solana could plummet if the FTX-Alameda bankruptcy estate liquidated its massive SOL stash acquired under Sam Bankman-Fried. However, those fears were tempered after Alameda recently staked 5.5 million SOL worth over $100 million. Meanwhile, on-chain data shows activity on the Solana network has picked up recently. A protocol upgrade…
The post Solana (SOL) Price Defies FTX Fears to Rally 26% as Analysts Predict New Highs appeared on BitcoinEthereumNews.com.
The price of Solana (SOL) has surged 26% over the past week, outperforming most major cryptocurrencies as it breaks key resistance levels. This latest rally comes despite initial fears that SOL tokens could be dumped en masse by bankrupt crypto exchange FTX. Keypoints Solana (SOL) price has rallied 26% over the past week, defying fears of potential selling by the FTX bankruptcy estate. SOL gained 11% on Friday, reaching $29. It has outperformed most major cryptos over the past week. Concerns over FTX subsidiary Alameda Research dumping its SOL holdings proved overblown so far. Alameda’s recent staking of 5.5 million SOL worth $122 million helped calm market worries about mass selling. SOL saw massive inflows into investment products, with $24 million entering last week according to CoinShares. Network activity on Solana blockchain increased recently, signaling growing adoption and usage. A recent Solana upgrade also added encryption and reduced hardware requirements for validators. Technicals show SOL broke out against Ethereum, while it’s testing resistance around $27 which could lead to a move toward its yearly high around $38. Analysts remain predominantly bullish on SOL, forecasting a continued rally to new 2022 highs and even $250 in the long run. SOL gained 11% on Friday to reach $29, testing upside barriers that could lead to a move toward its 2022 high around $38 if cleared decisively. Solana has been one of the best performing digital assets this year, advancing 170% even after steep declines in the FTX-led crypto market turmoil. Concerns emerged that Solana could plummet if the FTX-Alameda bankruptcy estate liquidated its massive SOL stash acquired under Sam Bankman-Fried. However, those fears were tempered after Alameda recently staked 5.5 million SOL worth over $100 million. Meanwhile, on-chain data shows activity on the Solana network has picked up recently. A protocol upgrade…
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