Solana Surges to $54, Hitting 17-Month High: Growth Potential for SOL?
Solana’s value skyrocketed to an impressive $54 on Friday, reaching its highest point since May 2022. The cryptocurrency’s worth surged by more than 40% within the past week and an outstanding 138% over the last 30 days.
Data from CoinGecko reveals that Solana’s price has seen a remarkable 220% increase over the past year, reclaiming levels preceding the devastating fall of the crypto exchange FTX.
Breaking the $54 Barrier
Despite recent sell-off pressures, bullish momentum successfully propelled SOL price to its peak since May 2022.
As per the crypto data and market intelligence platform Santiment, Solana’s gains coincide with a significant surge in public discussions regarding the coin. Despite elevated funding rates, they have not yet entered a critical ‘danger zone.’ Can SOL witness further advances?
📈 #Solana has now surpassed $54 for the first time since May, 2022. Discussion rates on $SOL have again spiked, indicating the mainstream crowd acknowledges the asset’s decoupling from other assets. Funding rates are high, but not in a ‘danger zone’ yet. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
Today, Ethereum, Solana, and various other altcoins experienced a surge following the news of BlackRock filing for a spot Ethereum ETF.
Additionally, this week’s remarks by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), contributed to the price upswing. Gensler commented during an interview with CNBC that plans to revive FTX could succeed if the involved parties complied with the law.
Gensler’s comments arrived at a time when reports indicated the final shortlist of three companies for reviving the bankrupt exchange. This list includes Bullish, a digital assets platform founded by a former New York Exchange executive.