Solana, which attracted attention with its recent rise, separated itself from the market again. The altcoin price skyrocketed as investors turned bullish and fears over the FTX sell-off faded. Even Bitcoin investor ARK Invest CEO Cathie Wood expresses her admiration.
Amidst the redness of the market, Solana is burning green!
cryptokoin.comAs you follow from , Solana has become one of the most popular altcoin projects of recent times. SOL rose sharply on the day to over $63. Thus, it reached the level it previously saw in May 2022. Transaction volumes increased from an average of $2 billion per day at the beginning of November to over $3.5 billion. This corresponds to an increase of over 70%.
SOL has jumped nearly 20% in the last 24 hours, attracting attention in a range-bound market. There is no obvious catalyst for this rise on Wednesday. However, optimism for Solana has recently increased following the conclusion of Sam Bankman-Fried’s trial. Bankman-Fried was a leading supporter of Solana. Additionally, it has purchased over $1 billion worth of tokens through companies Alameda Research and FTX.
Despite the sales, altcoin price continues to rise
SOL price took a serious hit in November 2022 after a CoinDesk report first shed light on possible cracks in Bankman-Fried’s empire. But sentiment has rebounded since the one-time crypto giant was jailed and found guilty of seven charges.
Meanwhile, wallets affiliated with FTX, the bankrupt crypto exchange controlled by the group of debtors, transferred an estimated $102 million in SOL to crypto exchanges over the past few months. Wallets moving tokens to exchanges likely indicates that they want to sell these tokens on the open market. However, the altcoin price continues to increase despite all this. Some market watchers hypothesize that FTX’s SOL holdings may run out, based on data from on-chain analysis platform SpotOnChain. One of them, a crypto follower nicknamed Curb, shared the following:
FTX has sold 6,986,554 SOLs over the past few weeks, generating approximately $280.2 million. They are completely out of the unlocked SOL. The only SOL they have exposure to is most of it locked in until 2027-2028, just in time to sell off the bottom of the next bear market. Leftana can only go up.
Cathie Wood also expressed her admiration for Solana!
Meanwhile, data shows that institutional investors’ investments in altcoins have increased in recent weeks. Over the past week, shares of Grayscale Solana Trust (GSOL) have reached a premium of nearly 900% over spot SOL held in each share. This is an indication of widespread demand for altcoins among regulated funds. Elsewhere, ARK Invest CEO Cathie Wood said in an interview that Solana could be a better bet than Ethereum, the world’s most used blockchain, in terms of technical capabilities. In this context, Wood used the following statements:
Ethereum was faster and cheaper than Bitcoin. Solana is even faster and more affordable than Ethereum.
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