Solana price rises above $54 in 17-month period: What’s next for SOL?
Solana prices rose to $54 on Friday, the highest level since May 2022. SOL outperforms negative altcoins with positive catalysts helping bulls push, its price is up 40% this week and 138% in 30 days. How much can the price of Solana increase? According to the data, more can be added.
Solana continued its performance with another huge green candle on Friday as the price rose 24%. The price of the cryptocurrency jumped more than 40% this past week and an amazing 138% in the last 30 days.
According to data from CoinGecko, the price of Solana has increased by 220% in the past year – regaining the levels that were traded before the collapse of the crypto exchange FTX.
Solana price breaks above $54.
Despite recent selling pressure, bulls managed to push SOL prices to their highest level since May 2022.
This 17-month high divergence came after buyers took control of the crucial $30 level, which would allow for a rally to $38. A retest and a new impulse allowed this week's parabolic take to $50.
Solana Price Chart Source: TradingView
According to crypto data and market intelligence platform Sentiment, Solana's benefits come with a significant increase in public discussions about the coin. As the funding rate fluctuates, they still haven't entered the danger zone. Could SOL see more profit?📈 #Solana has now surpassed $54 for the first time since May 2022. Discussion prices in $SOL have risen again, indicating that the mainstream public recognizes that the asset is different from other assets. Funding levels are high, but not yet in the ‘danger zone'. pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
As mentioned earlier, Ethereum, Solana and other altcoins exploded today after the news that BlackRock has registered for the spot Ethereum ETF (ETM).
This week's comments by SEC Chairman Gary Gensler played a role in the price increase. Gensler said in an interview with CNBC that his plan to revive FTX could work if those who want to do so follow the law.
Gensler's comments come as reports confirm three companies have been shortlisted by parties seeking to restart the alleged exchange. It includes Bullish, a digital assets platform founded by a former New York Stock Exchange executive.
