Solana, one of the cryptocurrencies on the radar of Turkish investors, draws attention with its striking movement in recent days. SOL is leading an altcoin rally that follows Bitcoin’s steady week-long gain. Altcoin SOL gained 25% last week. On the other hand, it attracted attention on a day when the market value of the entire sector increased by over 3%. Accordingly, it performed better than other blue-chip cryptocurrencies.
Looking at the rise of Solana
YouHodler Markets Chief Ruslan Lienkha makes an important statement on the subject. He sees the rally as a result of investors gaining a clearer understanding of the future of FTX’s key Solana holdings. Last week, FTX reported that 5.5 million SOL, worth approximately $122 million, would be staked.
“Solana has been undervalued for a long time due to its ties to the FTX saga,” Lienkha said in a statement. Over time, the situation with frozen FTX assets becomes clearer. Therefore, positive news in the sector has a better and greater impact on the SOL.” says.
A change in perception
Ryze Labs Co-Founder Matthew Graham takes a different look. Accordingly, Solana thinks the recent rally reflects a shift in perception as its technology continues to mature. “Solana has had 100% uptime for over six months,” Graham said. Solana SOL’s high-throughput technology significantly expands the space developers can create.” makes his statement.
Federal Reserve’s impact on Solana and crypto
The rise in Solana and its peers came after Federal Reserve Chairman Jerome Powell’s statement in New York on Thursday, in which he stated that the Fed will continue to pause interest rate increases at the next FOMC meeting, citing economic uncertainties and risks. “Tight policy puts downward pressure on economic activity and inflation,” Powell said.
But YouHodler’s Lienkha said Powell’s comments failed to lift stock indexes. Stocks fell on Friday as a rise in the yield on 10-year Treasury notes pointed to broader concerns about the state of the global economy. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average fell in early trading Friday.
Bitcoin’s recent performance and sentiment
As we stated as Kriptokoin.com, CryptoQuant analyst Adam Mourad Solana is looking at BTC after its rise. Accordingly, he said that on-chain data shows an increase in the dormant Bitcoin supply. Mourad’s analysis of digital assets that remain dormant for periods of one, three and six months is noteworthy. Accordingly, the view is that “the consistent presence of dormant Bitcoin underlines a significant change in the tendency to hold and a decrease in the tendency to sell.”
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