Paying homage to the Uptober custom, Solana (SOL) has seen a significant uptick in price, particularly rising beyond the $26 mark. SOL has increased by 7% today, reaching a three-month high of $28.13.
Despite worries about a possible fire sale by the troubled cryptocurrency exchange FTX, this noteworthy performance keeps Solana apart from the rest of the market.
Solana Breaks Through $25 Barrier and Aims for 20% Gains
Thanks to its amazing price movement, Solana is quickly becoming one of the most popular cryptocurrencies. At $28.13 on spot markets, the digital currency is seeing a parabolic rise, up 28% in the last week and 42% in the last month. Ethereum, the second-largest cryptocurrency, is presently under negative pressure, in contrast.
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Is Solana (SOL) Able to Continue Its Uptrend?
The profits for today attest to SOL’s incredible return, as it stands as one of the best-performing digital assets of the year with an 182% year-to-date growth. This comeback occurs after Solana’s future seemed questionable at the end of 2022 due to Sam Bankman-Fried’s high-profile collapse.
To further heighten the mystery, the FTX-Alameda estate was recently given authorization by a U.S. bankruptcy court to sell off its large cryptocurrency assets, which included a $1.16 billion stockpile in Solana as of late August. Concerns of a potential market-wide mass sell-off of SOL tokens have been aroused by this occurrence.
In spite of this, there has been a noticeable rise in network activity on the Solana blockchain in recent weeks, suggesting that users are becoming more interested in and using the platform.
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Price chart for Solana (SOL) (Source: TradingView)
As of this writing, Solana is trading at $26.83, and it looks ready to take advantage of its present momentum and maybe go towards the $30 barrier level.
Should this pattern continue, SOL may see more increases to $32, $35, and maybe even $38. But in the event that the trend breaks, Solana’s price might drop to $25.5, $23, or even $21 in a more pessimistic scenario.
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