- Solana (SOL) breaches the $26 resistance, reaching a three-month high at $27.3.
- SOL surges 7% in a day, part of a 28% weekly gain, solidifying its status as a top performer, up 182% YTD.
In a nod to the Uptober tradition, Solana (SOL) has witnessed a substantial resurgence, with its price making a notable rebound from the $26 threshold. Today, SOL has soared by an additional 7%, hitting a three-month high at $28.13. This significant performance continues to set Solana apart from the rest of the cryptocurrency market, defying concerns about a potential fire sale by the beleaguered crypto exchange FTX.
Solana is swiftly emerging as a major sensation in the world of altcoins, fueled by its remarkable price action. The digital currency is on a parabolic run, currently trading at $28.13 on spot exchanges, marking a remarkable 28% increase over the past week and 42% in a month. In contrast, the second-largest cryptocurrency, Ethereum, is currently grappling with bearish pressure.
Can Solana (SOL) Maintain Its Bullish Momentum?
Today’s gains are a testament to SOL’s remarkable comeback as one of the best-performing digital assets this year, boasting an 182% year-to-date increase. This resurgence comes after Solana’s future appeared uncertain at the end of 2022 following the high-profile fall of Sam Bankman-Fried.
Adding to the intrigue, a U.S. bankruptcy court recently granted permission to the FTX-Alameda estate to liquidate its substantial crypto holdings, which included a Solana stash valued at $1.16 billion as of late August. This development had raised concerns about the possibility of a mass sell-off of SOL tokens in the market.
Despite this, the Solana blockchain has been experiencing a surge in network activity over the past few weeks, indicating increased interest and utilization of the platform.
At the time of writing, Solana is trading at $26.83, and it appears poised to capitalize on its current momentum, potentially setting a course for the $30 resistance level. If this trend persists, SOL may see further surges, reaching $32, $35, and possibly even $38. However, if the trend falters, Solana’s price may experience a dip to $25.5 and $23, and in a more bearish scenario, down to $21.
