- The first day of November marked a moment in the crypto market when altcoins rose rapidly, led by Solana’s impressive gains.
- This unexpected Bitcoin rally not only solidified its position but also contributed to the overall bullish sentiment in the market.
- The recent developments in Solana’s performance have been remarkable, showing over 80% growth in just a few weeks.
The crypto market is captivated by the upward movement that started in November: is $50 the next target for SOL coin?
Solana Price Surpasses $40
The first day of November in the crypto market marked a moment when altcoins rose rapidly, led by Solana’s impressive gains. This rally in Solana’s value laid the foundation for a day where altcoins gained significant momentum.
Bitcoin experienced an unexpected late rally, breaking above $35,500. This unanticipated Bitcoin rally not only solidified its position but also contributed to the overall bullish trend in the market.
The dynamic movements of the day, especially emphasizing Solana’s impressive influence, showcased the growing impact of altcoins and their ability to steer market trends. This collective push highlighted a significant shift in the crypto landscape, suggesting a broader diversification of investment interest beyond Bitcoin.
The recent developments in Solana’s performance have been remarkable, showing over 80% growth in just a few weeks. According to data, SOL has surged to approximately $46.90. With a circulating supply of about 420 million SOL, Solana boasts a market capitalization of around $17.685 billion.
Despite concerns regarding the bankruptcy of Alameda Research’s involvement in the Solana ecosystem and worries about the potential bankruptcy of FTX crypto exchange owned by Sam Bankman Fried, who is a major investor in Solana, the cryptocurrency has surprised many by rising over 300% this year.
According to the latest data from CoinMarketCap, SOL has experienced significant growth in the last 30 days. In particular, SOL’s market value has risen to over $17 billion on Wednesday, up from $9.80 billion on October 2, adding about $6 billion to its total capital.
With positive indicators in the background and having already reached the crucial milestone of $40, Solana appears ready to achieve a notable value of $50 in the dynamic world of cryptocurrencies. This rising trend, with SOL’s value roughly doubling over the past twenty days, establishes a strong foundation for the expected milestone and lends credibility to its realization in the near future.
SOL’s Ascension Towards a Milestone and Significant Asset Transactions by FTX
Considering its rapid growth, this new target seems attainable, indicating that SOL could reach a unique level in the dynamic world of digital currencies in the near future.
Meanwhile, a recent report from blockchain analytics firm Nansen reveals that wallets associated with the bankrupt FTX have engaged in transactions involving a significant amount of digital assets, totaling approximately $156 million.
These assets include Ethereum and Solana, and the transactions took place last week. Nansen’s report details unstaking actions of approximately 1.6 million SOL tokens that are estimated to be worth around $57.6 million on October 30. These assets are currently held in a staking wallet. The unstaking actions described here are part of a money movement plan by FTX, significantly increasing the total amount of SOL, approaching a large increase in SOL amount totaling nearly $90 million.
