Solana Worth Surges To 2-12 months Excessive After Advice From FTX’s Sam Bankman-Fried

Solana (SOL) is presently using a wave of its personal, rallying considerably within the final 24 hours to a 22-month excessive. Curiously, there’s motive to consider that FTX’s former CEO, Sam Bankman-Fried (SBF), may need contributed to this bullish momentum. 

Solana Rises To As Excessive As $136

Data from CoinMarketCap exhibits that SOL rose to as excessive as $136 and virtually hit $137 in its newest transfer to the upside. This rally from the crypto token comes following a New York Occasions report that Bankman-Fried was providing funding recommendation to the jail guards and explicitly requested them to invest in SOL. 

SBF is understood to have an extended historical past with the crypto token, so it isn’t stunning that the FTX founder is shilling SOL to them. The convicted crypto founder has been vocal about SOL even when it was buying and selling beneath $three again in 2021. In the meantime, Bankman-Fried’s Alameda Research additionally occurred to be one of many principal backers of Solana. 

The defunct crypto alternate FTX additionally has SOL as certainly one of its largest crypto holdings. Subsequently, Bankman-Fried contributing to Solana’s worth surge from jail doesn’t seem to be a foul thought. Furthermore, some will argue that it’s the least the previous government might do, contemplating that his company’s collapse considerably contributed to SOL dropping beneath $10 again in 2022. 

Solana’s Comeback Story 

Solana’s comeback story has been nothing in need of spectacular. The SOL ecosystem needed to rebuild considerably following Alameda Analysis and FTX’s collapse. Again then, SOL tumbled to beneath $10 following revelations concerning each firms and their eventual filing for bankruptcy in 2022.

SOL made a comeback final 12 months, seeing over a 1000% acquire in 2023. Nonetheless, these beneficial properties didn’t come simple, because the ecosystem needed to detach itself from hyperlinks with Bankman-Fried and his firms. For context, SOL solely noticed over 100% year-to-date from January 2023 till October 2023. 

It wasn’t till after the Bankman-Fried trial that SOL made its actual intentions identified, rising above the $100 mark within the course of. Curiously, there’s motive to consider that this run from the crypto token is simply the tip of the iceberg, as there are extra exponential beneficial properties forward. Crypto analyst Hansolar recently predicted that the crypto token might rise to as excessive as $600 on this bull market cycle. 

Crypto YouTuber gave a extra bullish worth prediction, stating that SOL would rise to as excessive as $750 by 2025. Regardless of the case could also be, SOL is all however set to hit and surpass its all-time excessive (ATH) of $260. 

On the time of writing, SOL is buying and selling at round $134, up virtually 8% within the final 24 hours, in line with data from CoinMarketCap. 

SOL worth at $135 | Souce: SOLUSD on Tradingview.com

Featured picture from Medium, chart from Tradingview.com