Solana (SOL) is presently using a wave of its personal, rallying considerably within the final 24 hours to a 22-month excessive. Curiously, there’s cause to imagine that FTX’s former CEO, Sam Bankman-Fried (SBF), may need contributed to this bullish momentum.
Solana Rises To As Excessive As $136
Data from CoinMarketCap exhibits that SOL rose to as excessive as $136 and virtually hit $137 in its newest transfer to the upside. This rally from the crypto token comes following a New York Instances report that Bankman-Fried was providing funding recommendation to the jail guards and explicitly requested them to invest in SOL.
SBF is thought to have a protracted historical past with the crypto token, so it isn’t stunning that the FTX founder is shilling SOL to them. The convicted crypto founder has been vocal about SOL even when it was buying and selling beneath $3 again in 2021. In the meantime, Bankman-Fried’s Alameda Research additionally occurred to be one of many principal backers of Solana.
The defunct crypto change FTX additionally has SOL as one in every of its largest crypto holdings. Due to this fact, Bankman-Fried contributing to Solana’s worth surge from jail doesn’t appear to be a nasty thought. Furthermore, some will argue that it’s the least the previous govt might do, contemplating that his company’s collapse considerably contributed to SOL dropping under $10 again in 2022.
Solana’s Comeback Story
Solana’s comeback story has been nothing wanting spectacular. The SOL ecosystem needed to rebuild considerably following Alameda Analysis and FTX’s collapse. Again then, SOL tumbled to under $10 following revelations concerning each corporations and their eventual filing for bankruptcy in 2022.
SOL made a comeback final 12 months, seeing over a 1000% achieve in 2023. Nevertheless, these positive factors didn’t come simple, because the ecosystem needed to detach itself from hyperlinks with Bankman-Fried and his corporations. For context, SOL solely noticed over 100% year-to-date from January 2023 till October 2023.
It wasn’t till after the Bankman-Fried trial that SOL made its actual intentions identified, rising above the $100 mark within the course of. Curiously, there’s cause to imagine that this run from the crypto token is simply the tip of the iceberg, as there are extra exponential positive factors forward. Crypto analyst Hansolar recently predicted that the crypto token might rise to as excessive as $600 on this bull market cycle.
Crypto YouTuber gave a extra bullish worth prediction, stating that SOL would rise to as excessive as $750 by 2025. Regardless of the case could also be, SOL is all however set to hit and surpass its all-time excessive (ATH) of $260.
On the time of writing, SOL is buying and selling at round $134, up virtually 8% within the final 24 hours, in line with data from CoinMarketCap.
SOL worth at $135 | Souce: SOLUSD on Tradingview.com
Featured picture from Medium, chart from Tradingview.com
