Amidst the recent bull run in the cryptocurrency market, Solana (SOL) has experienced a remarkable surge, increasing by over 175% in the past month. This upswing in the crypto market has not only driven Bitcoin (BTC) to its highest point in 18 months but has also catalyzed significant gains for Solana, propelling it past the $20 billion market capitalization landmark.
Lookonchain analysts recently reported a major unstaking event involving $160 million in SOL from wallets linked to FTX. This led to a temporary decline in Solana's native SOL token price, falling to around $40, before it began to rebound. Despite this substantial unstaking, Solana's price remains resilient.
Noted cryptocurrency trader, Bluntz, has pointed out a consistent selling trend by FTX, with daily sales ranging from 250,000 to 700,000 SOL over the last two weeks. Interestingly, this selling activity has not significantly impacted SOL's price, indicating strong market absorption. The analyst predicts a potential increase in Solana's price once this selling pressure eases.
Current figures from CoinGecko indicate that Solana is trading at $60.39, marking a 183% rise in the last 30 days. With a circulating supply of 420 million SOL, its market capitalization now stands at $25.2 billion. Solana's impressive performance in 2023 places it among the top three layer-1 blockchains, rivalling Ethereum and Binance Chain with its innovative technology and expanding user community.
Solana's journey through 2023 tells a story of significant growth, overcoming market obstacles, and showcasing its robustness.
