In a previous article we very cautiously named Solana the winner of 2023. Since then the price has continued to rise and today the price is up another 7%. This is very smart because there is an important party that is trying to give a lot of SOL.
FTX sells 100 million every week
Every week, FTX, Sam Bankman-Fried’s fallen exchange, sells $100 million to Solana. Normally, such an amount would cause enormous downward pressure, causing the price to fall. But the market is absorbing this SUN like a hungry bull. Instead of the price falling, Solana appears to have risen.
How analyst Bluntz aptly describes the situation describedSOL’s resilience during the FTX dump is impressive. The analyst is extremely optimistic:
“After this salesman leaves, I can only imagine how much he will pump.”
Not a bad argument. Once the selling pressure subsides, there will be a shortage in the market and the price should theoretically rise.
Solana price increases
The current value of Solana today is 51.10 euros. Over the past 24 hours, the price has risen by 5.05 euros, an increase of 9.66%. You can also see this in the graph below.
The amount of Solana in circulation currently amounts to 421,017,562,412 with a combined market value of almost 18 billion euros.
Absorb FTX
Since January 1, Solana’s price has risen 458% as the coin had to come a long way and overcome a deep low.
This decline was caused by its association with the bankrupt FTX, the cryptocurrency exchange owned by its criminally convicted founder Sam Bankman-Fried.
Sam Bankman-Fried has been a prominent supporter of SOL and his company has invested in several Solana-related projects. FTX launched a marketplace for NFTs and helped launch Serum, which was once considered the cornerstone of the Solana DeFi space.
With the current increase, Solana shows that it is in no way dependent on FTX.
Source: BtcDirect
Source link
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
