Solana’s Historic $50 Achievement: Fueled by FTX’s $40M Move

In the cryptocurrency space, Solana has had a spectacular surge to prominence and is establishing itself as a serious rival to Ethereum. Solana is one of the best-performing assets in the top ten cryptocurrency list, despite recent turbulence in the altcoin market.

Solana's Historic $50 Achievement: Fueled by FTX's $40M Move
Source: Outlook India

As of this writing, Solana (SOL) is up an amazing $44, and a lot of market observers think it is about to rise up towards $50, which is an alluring potential that has drawn the interest of big players like VanEck.

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The on-chain data, which reveals that the cryptocurrency exchange FTX has been moving huge portions of its Solana holdings to several exchanges, is one significant development. The selling pressure in the cryptocurrency market has been effectively absorbed by the SOL bulls, who have persevered in spite of this.

Solana’s Historic $50 Achievement: Fueled by FTX’s $40M Move,Solana’s Historic $50 Achievement: Fueled by FTX’s $40M Move

FTX and Alameda moved close to $40 million to exchanges in the last day alone, maintaining a pattern that has been seen over the previous several weeks.

Solana’s price behaviour has been remarkable; it broke a significant resistance level at $28.16 for the first time since July and is now developing a rising channel pattern.

The price of Solana may gain speed and go for the higher resistance level at $46.83 if the bulls are able to overcome the resistance at $42.50. This may pave the way for an attempt to break over the key $50 threshold later this month.

Furthermore, Solana’s price has often found support from the 50-day Exponential Moving Average (EMA), indicating that a positive reversal may be imminent. A break of the rising support trendline, however, would cause a loss of momentum and short-term probing of the $38.77 support level. In the next few days, Solana may test the lower support level of $33.29 if the trend turns and there is more negative action.

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The performance of SOL is especially noteworthy because it significantly outperforms Ethereum, which is frequently cited as the top smart contract platform.

Since September, there has been a steady increase in the SOL to Ethereum (SOL/ETH) ratio, which has reached levels not seen since shortly before the bankruptcy of the cryptocurrency exchange FTX in November 2022. This increasing SOL/ETH ratio confirms Solana’s status as an impending Ethereum killer.

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