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.
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.
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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