Solana’s SOL Rallies 20% in a Day, Erasing Woes of Past 18 Months
Solana price (CoinDesk)
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Solana price (CoinDesk)
Bonk took center stage in the Solana ecosystem in January as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX exchange debacle.
SOL has gained over 50% in two weeks with buyers from Coinbase playing a major role in powering the cryptocurrency higher.
Solana’s [SOL] spectacular comeback – up over 300% this year – has captivated crypto market participants after being one of the most beaten-down assets during the bear market.
“I believed the funds came from Alameda’s operating profits” as well as third-party lenders, he testified Friday at his fraud and conspiracy trial.
Bitcoin-based products have increased their market share to 73.3% from 70.5% amid optimism over the possible approval of a spot-price exchange-traded fund.
The debtor group in control of FTX assets has conducted various on-chain transactions in the past few weeks.
Solana (SOL) jumped 11% Friday, and is one of the best performing crypto assets this year with a 170% gain.
Bitcoin’s bounce amid fears of FTX creditor liquidation might shake out altcoin bears, leading to a sharp rally in recently shorted tokens like solana.