Amid the last few week’s crypto market rallies, Sol coin showed a steady pump every day & secured the highest increment in the trade price over other cryptocurrencies. Now the crypto traders are failing to understand the next potential move.
Solana (Sol) is a popular Proof-of-Stake (PoS) crypto blockchain network by Solana Labs. With the help of the Proof-of-history (PoH) protocol, the Solana network can easily process up to 70,000 transactions per second (TPS). Since Q4 2021, Solana went through several bug issues & gone offline several times.
Sol is native coin of the Solana network and the current trade price of Sol coin is $32 & this trade price is 67% higher over the last 30 days of trade price.
On 20 Oct 2023, the trade price of Sol coin surged 11% in only 24 hours. The trade price of this coin is also 170% higher year to date (YTD).
According to experts’ analysis, if the Sol trade price stays above the $30 price then there are huge chance that Sol will hit $38.5 in the next 30 days.
But if this trade price falls under the $30 price range then surely it will hit $27.20 within the next 20 days.
FTX, Solana, & Panic
A few months before, Sol coin was facing very high sell pressure because of the now bankrupt FTX crypto exchange potential Sol coin sell plan.
FTX currently has $1,162 million worth of Sol coins and if it sells them surely bring a very big downfall in the net trade price of this coin.
In Oct, the FTX bankruptcy team locked 5.5 million SOL worth $122 million under staking and it is expected that they will put more SOL under staking.
After the downfall of the FTX & Alameda Research empire, a big investor of Solana coin, Sol coin faced a huge downfall between Nov 2022 to Jan 2023 but later Ethereum co-founder Vitalik Buterin officially jumped to support this crypto project, as huge numbers of talented developers work for Solana to solve the majority of the problems related to the potential of traditional crypto networks.