Solana Gains Over 175% Despite FTX’s Continued Woes
Coinciding with the new bullish trend of the cryptocurrency market, Solana (SOL) has made significant progress, rising over 175% in the last 30 days.
The recent cryptocurrency market rally not only propelled Bitcoin (BTC) to an 18-month high, but also sparked massive gains for Solana, effectively pushing it above the $20 billion market cap mark.
FTX wallets unlock $160 million in SOL
Recently, Lookonchain analysts reported a substantial spill of $160 million in SOL from FTX-linked wallets. The move caused the price of Solana’s native SOL token to fall to around $40, before orchestrating a recovery. Despite this major and low-risk event, Solana price remains strong.
Solana Price Analysis
The latest data from CoinGecko shows that Solana changed hands for $60.39, representing a 183% increase in the last 30 days.
With a circulating supply of 420 million SOL, its market capitalization amounts to $25.2 billion.
Solana’s exceptional growth in 2023 positions it among the top three Layer 1 blockchains, challenging Ethereum and Binance Chain with its unique technology and growing user base.
Solana’s journey to 2023 presents a compelling narrative of growth, overcoming market challenges and demonstrating resilience.