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.
FTX has been promoting between 250k-700k $SOL daily for the final 2 weeks whereas value has both been going up or sideways.
to this point its been getting absorbed like a champ and at present charge their unlocked tokens ought to be depleted inside every week.
as soon as this vendor is gone i can… pic.twitter.com/AtnTqz3uxG
— Bluntz (@Bluntz_Capital) November 9, 2023
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.