The recent price surge of Solana (SOL) has garnered attention from traders and analysts, despite challenging market conditions.
Market Changes for Solana
Solana (SOL) has shown a 16% weekly growth, rising to $237 after breaking a critical resistance at $230. The asset has increased by 21% for the month, 63% over the past 90 days, and 22% year-to-date. SOL's trading volume surged by 41%, indicating growing trader interest.
FTX's Redemption of Solana from Staking
In a notable market move, the troubled exchange FTX and Alameda redeemed 192,000 SOL, amounting to $44.1 million at the time. Since November 2023, FTX has redeemed 8.98 million SOL worth $1.2 billion. On-chain analytics indicate that 4.18 million SOL remains in staking.
Analysts' Predictions for SOL Growth
Analysts predict continued growth for SOL. Mihai Lacob noted that $175 has acted as significant support for the asset. Altcoin Gordon posits that SOL's price could significantly exceed $1000 due to increasing demand and the expanding DeFi ecosystem.
The Solana market displays promising growth signs despite volatility associated with FTX, with analysts hinting at potential new price peaks.
