Coinciding with the crypto market’s newfound bull run, Solana (SOL) has made important strides, rising by over 175% within the final 30 days.
The current crypto market upturn has not solely propelled Bitcoin (BTC) to an 18-month-high but in addition triggered huge positive aspects for Solana, successfully pushing it over the $20 billion market cap milestone.
FTX wallets unstake $160M in SOL
Not too long ago, analysts at Lookonchain reported a considerable unstaking of $160 million value of SOL from FTX-linked wallets. This transfer resulted in a dip within the value of Solana’s native SOL token, dropping to round $40, earlier than orchestrating a restoration. Regardless of this important unstaking occasion, Solana’s value remains to be holding robust.
Widespread crypto dealer, Bluntz, noticed a constant promoting sample by FTX, ranging between 250k-700k SOL every day for the previous two weeks. Surprisingly, this promoting stress hasn’t deterred SOL’s value, suggesting a strong absorption capability. The analyst anticipates an additional Solana value surge as soon as this promoting stress subsides.
Solana value evaluation
The newest information from CoinGecko reveals Solana exchanging palms for $60.39, representing a 183% enhance over the previous 30 days.
With a circulating provide of 420 million SOL, its market cap stands at $25.2 billion.
Solana’s distinctive progress in 2023 positions it among the many prime three layer-1 blockchains, difficult Ethereum and Binance Chain with its distinctive know-how and rising person base.
The journey of Solana in 2023 showcases a compelling narrative of progress, overcoming market challenges, and demonstrating resilience.