SOLANA HITS A FRESH NEW 2023 HIGH – HERE’S WHY
Solana’s native token, SOL, rose 22% on Nov. 10, breaking $54 for the first time since May 2022. This came as FTX’s bankruptcy estate sold SOL tokens during this rise.
Some bankruptcy tokens are vested or locked, which may explain investor enthusiasm for SOL’s price gain – a $100 million weekly sale cap is also part of the FTX liquidation plan.
Since November 2021, when SOL attained its all-time peak of $260, futures open interest has increased to $745 million due to the company’s substantial 39% weekly gains.
Solana has recently recorded a significant milestone this year as it hit a new high for 2023. This development comes after a rally of cryptocurrencies, including major digital assets that have shown a surge in their market value. Solana has been gaining since the events around Bitcoin ETFs, but its recent price increase suggests that an independent rally is en route.
Solana’s recent highest price was recorded at the beginning of the second quarter of 2022, and at the time, its price rally was based on the adoption of DApps, among other factors. The recent surge can be attributed to a number of factors, including relations SOL has to the collapsed crypto exchange firm, FTX, that went bankrupt last year.
Solana’s native token, SOL, rose 22% on Nov. 10, breaking $54 for the first time since May 2022. This came as FTX’s bankruptcy estate sold SOL tokens during this rise.
Some bankruptcy tokens are vested or locked, which may explain investor enthusiasm for SOL’s price gain – a $100 million weekly sale cap is also part of the FTX liquidation plan.
Since November 2021, when SOL attained its all-time peak of $260, futures open interest has increased to $745 million due to the company’s substantial 39% weekly gains.
Solana has recently recorded a significant milestone this year as it hit a new high for 2023. This development comes after a rally of cryptocurrencies, including major digital assets that have shown a surge in their market value. Solana has been gaining since the events around Bitcoin ETFs, but its recent price increase suggests that an independent rally is en route.
Solana’s recent highest price was recorded at the beginning of the second quarter of 2022, and at the time, its price rally was based on the adoption of DApps, among other factors. The recent surge can be attributed to a number of factors, including relations SOL has to the collapsed crypto exchange firm, FTX, that went bankrupt last year.