Solana Price Hits New 2023 High — What’s Behind the SOL Rally?
Investors witnessed an impressive 22% surge in Solana’s native token, SOL (SOL), on Nov. 10. This surge broke past the $54 mark for the first time since May 2022, signaling a positive shift in the cryptocurrency market. The surge occurred amidst the continuous selling of SOL tokens by FTX’s bankruptcy estate, which raised concerns initially but has since transformed into hope for investors.
Delaware Bankruptcy Court approved the sale of the failed exchange’s assets, including 55.75 million SOL, in September 2023. However, investor enthusiasm for SOL’s price increase may be attributed to the fact that some of the tokens from the bankruptcy proceedings are either vested or locked. Additionally, there’s a weekly sale limit of $100 million imposed as part of the FTX liquidation plan, mitigating the impact of the sales on the market.
SOL Futures Average Funding Rate, 8-hour
Source: CoinGlass
Network Total Value Locked in SOL Terms
Source: DefiLlama
Total DeFi Active Address in 30 Days
Source: DappRadar
These metrics provide a comprehensive overview of the current state of the SOL market, offering valuable insights to investors and enthusiasts alike. The data sheds light on the network’s performance and its potential trajectory, serving as essential information for anyone keen on understanding the SOL rally.
Amidst the market fluctuations and regulatory changes, cryptocurrency enthusiasts continue to monitor Solana closely. The recent surge in SOL’s price serves as a testament to the resilience of the cryptocurrency and the ongoing optimism surrounding its future. As the cryptocurrency landscape evolves, SOL’s performance will undoubtedly remain a focal point for many in the digital asset space.
