Solana token (SOL) over the past 24 hours rose in price by more than 20% against the backdrop of positive investor sentiment, writes RBC Crypto.
By data Coinmarketcap service, after a short correction, the SOL token again approached the $63 mark, and trading volumes on centralized exchanges increased to $3.5 billion, which is 70% higher than at the beginning of this month. The coin was last traded at this price in May 2022.
According to CoinDesk journalists, the Solana project was particularly hard hit by the fall of the FTX cryptocurrency exchange. The Sam Bankman-Fried exchange had almost 7 million SOL tokens on its balance sheet, which were to be sold on the exchange after bankruptcy.
Over the past few months, on-chain analysts have recorded large transfers to centralized exchanges of SOL tokens from FTX wallets. According to them calculationsthe entire volume of coins that were in the wallets of the bankrupt company was sent to trading platforms and probably sold.
According to CoinDesk, the growth of the SOL token may also be fueled by growing interest from institutional investors. This is evidenced by the increase in the price of shares of Grayscale Solana Trust (GSOL), which are trading at a premium of 445% relative to the price of the underlying asset, according to data CoinGlass.
Journalists also emphasize that the other day, the head of the investment company Ark Invest, Cathie Wood, in an interview with CNBC, said that the Solana project is technically superior to Ethereum in terms of speed and cost of transactions.
By data According to the CCData analytical service, over the past few weeks, the Solana (SOL) token has shown the strongest growth among major cryptocurrencies, and the share of trading in this coin in the total trading volume in the digital asset market has reached an all-time high.
At the end of October, VanEck analysts published a report in which they presented several forecasts for the price of the Solana (SOL) token by 2030. At the same time, the pessimistic scenario assumes a coin price of $9.81, and the most optimistic – $3211.28.
Source: Cryptocurrency
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