Solana (SOL) Could Be the Rising Star of the Bull Market! Important Details.

Despite being a notable casualty of the #FTX outbreak in 2022, Solana (SOL) has defied all odds in 2023 as its price continues to outshine its peers. Over the last 30 days, Solana value increased by 180%, reaching as high as $62 on November 11. But SOL's rising price is not the only interesting thing the token has shown. It has shown tremendous strength for a token once described as dead.

According to a famous analyst, #ftx has been selling around 250,000 to 700,000 units per day for the last three weeks after deciding to liquidate its assets. Regardless of sales, Solana did not decline. On the contrary, the price chose the upward direction.

Meanwhile, there were other organizations that supported the SOL price movement. One of the most important of these is Grayscale Solana Trust (GSOL). Unlike Solana, which allows ownership, GSOL only allows investors to gain exposure to SOL without owning the token

Looking at #Yahoo Finance's data, the asset's price per share is $202. Additionally, the premium rate has increased by 76.99% in the last 24 hours. This growth means there is an increase in corporate money allocated to GSOL

In response, the Solana value also showed superior strength and resisted selling pressure. Additionally, if institutional liquidity continues to flow into the #Solana📈🚀🌐 market, it may not slow #SOL growth.

Additionally, the Relative Strength Index (RSI) was 88.28, as shown on the SOL/USD daily chart. Typically, RSI readings like this are considered overbought. So SOL price should reverse

Even though the price fell from $62, the bullish sentiment and demand for the token ensured that it did not fall below $58. If Solana continues the current buying momentum, the price could head towards $70

But before that, there is probably a chance of a pullback to $55. The upper band of the Bollinger Bands (BB) touched SOL at $58.93, also indicating overbought. However, the BB expansion means there could be tremendous price fluctuations in the short term.

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