Solana is demonstrating its own characteristics within the cryptocurrency market, exhibiting an impressive monthly gain of 50% and an exceptional year-to-date growth of 450%. These notable figures have played a significant role in fueling the prevailing sense of confidence within the industry.
This phenomenon is also magnified by the upward trajectory of Bitcoin, surpassing the $37,000 mark, and its ambitious objective of attaining $40,000 before the conclusion of the year. The exceptional success of Solana contributes significantly to the existing optimistic atmosphere within the cryptocurrency industry.
During an early morning rise, the cryptocurrency Solana surpassed the $50 threshold, signifying its most elevated level since May 22, 2022. The outstanding success mentioned highlights the increasing trust and belief in the cryptocurrency sector, as seen by Solana's significant rise, which indicates its prominent position in the ongoing market upswing.
The substantial rise in the price of SOL can be attributed to the notable progress made by BlackRock in its application for an Ethereum exchange-traded fund (ETF). This discovery indicates a growing recognition and acceptance of assets constructed on the Ethereum platform, hence contributing to the upward trajectory of the broader cryptocurrency market and exerting a distinct impact on the performance of Solana.
Solana: Managing the FTX Liquidation Wave and Post-Conference Surge
The aforementioned spike occurred concurrently with the continuing divestment of SOL tokens by the bankruptcy estate of FTX. In September of this year, the Delaware Bankruptcy Court authorized the liquidation of the assets of the bankrupt exchange, which consisted of a total of 55.75 million SOL.
After its annual conference, Solana had a notable increase in price, which showcased its resilience among the uncertainties surrounding FTX Group, a significant holder of SOL tokens that is presently undergoing financial instability.
According to the weekend chart on TradingView.com, the market capitalization of SOL reached $22.7 billion.
The upward trend of SOL's trajectory appears to be advantageous for FTX creditors, notwithstanding FTX's conflicting statements on its investment. According to Thomas Braziel, CEO of 117 Partners, it is possible that the present trading range of SOL might potentially offset the losses experienced by FTX exchange customers.
Sam Bankman-Fried, the Founder of FTX Group, is currently the subject of judicial proceedings due to allegations of misappropriation of customer funds, thereby giving rise to the present situation.
In the sphere of cryptocurrency trading, Jacob Canfield, a prominent expert, has presented a study expounding his conviction over the sustained upward movement of the Solana price spike. Canfield expressed his conviction that Solana is well-positioned to sustain its status as one of the most prominent companies in the current bullish market cycle.
In my perspective, it is anticipated that @Solana will persist as a prominent entity within the ongoing bull market phase. Consequently, I intend to present a series of notions for your consideration.
In a recent development, there has been a reversal in the downward trend of Solana's total value locked (TVL), which pertains to the amount of funds put in its smart contracts. This reversal comes after a continuous decline over a period of six weeks. Over the course of the past three days, there has been a notable 10% surge in the deposits made to Solana's decentralized applications (DApps).
Despite the fact that the present quantity of 11.1 million SOL remains lower than the pre-FTX exchange bankruptcy level of 30 million SOL, the observed recent rising trajectory suggests that the Solana network may have surpassed its most challenging phase.
In the forthcoming period, the trajectory of the market exhibits a dynamic and unpredictable nature as the delicate interplay between bullish and bearish forces develops. Solana may experience a significant decline if bearish market conditions remain, leading to a potential challenge of a crucial support level at $38.77 over the current month.
Conversely, if prices fail to maintain levels above $54.01 and experience a bearish takeover, it could result in a decline in momentum and a further slide into the support level of $46.83.
If the bulls are able to sustain control and ensure that the price remains above $54.01, there is a strong likelihood of a significant upward movement in the market. This may potentially lead to a challenge of the resistance level at $57.84. Moreover, the attainment of a significant milestone over the threshold of $60.06 has the potential to facilitate a continuous upward movement towards the higher level of resistance positioned at $65.08.
Is it likely that the price of SOL will reach $100 in November?
As the price of Solana surpasses the $56 threshold, there is a growing sense of expectation over the possibility of SOL reaching $100 during the current month. The current change in momentum and favorable patterns seen in the total value locked (TVL) and DApps deposits indicate a promising prognosis for Solana.
Investors are diligently observing the progress, with a keen interest in assessing the cryptocurrency's ability to sustain its positive trend. The forthcoming days will play a crucial role in determining whether Solana will reach the critical milestone of $100, so signifying a noteworthy phase in its market performance.
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