The first day of November marked an eventful moment in the cryptocurrency market as altcoins surged vigorously, led by impressive gains of Solana. This rally in Solana’s value set the tone for a day where altcoins gained significant traction.
(Concurrently, Bitcoin experienced a late rally, breaching the $35,500 mark. This unexpected surge in Bitcoin not only solidified its position but also contributed to the overall bullish sentiment in the market.)
The day’s dynamic movements highlighted the growing influence of altcoins, particularly Solana, showcasing their capacity to drive market trends. This collective push underscored a major shift in the crypto landscape, suggesting a broader diversification of investment interest beyond Bitcoin.
Solana: Meteoric Rise And Resilience In The Crypto Market
Solana’s recent strides in the market have been nothing short of spectacular, showcasing an astounding growth of over 80% in just a few short weeks. SOL demonstrated its bullish momentum by surging to approximately $42.30, as reported by Coingecko. With a circulating supply of 420 million SOL, Solana is valued at a market cap of around $17,685,464,775.
Despite worries about its future following the bankruptcy of Alameda Research, a major investor in the Solana ecosystem, and Sam Bankman Fried’s FTX cryptocurrency exchange, Solana has surprised many observers by emerging as one of the best-performing assets, rising by more than 300% this year.
According to recent data from CoinMarketCap at the beginning of November, the value of SOL experienced a notable increase over the course of the last 30 days. Specifically, SOL’s market valuation rose from $9.80 billion on October 2 to surpass $17 billion on Wednesday, resulting in a substantial addition of approximately $6 billion to its overall capitalization.
Against a backdrop of positive indicators and having already reached a critical milestone of $40, the cryptocurrency Solana is poised to attain a noteworthy valuation of $50. The current rising trajectory of SOL’s value, which has experienced a roughly twofold increase in the past month, establishes a solid basis for the anticipated milestone, lending credibility to its feasibility and potential imminence.
SOLUSD currently trading at $42.64 on the daily chart: TradingView.com
SOL’s Ascent Towards A Milestone And FTX’s Notable Asset Transactions
Given its quick growth, it appears that this new objective is attainable, indicating that SOL may soon achieve this unprecedented level in the dynamic realm of digital currencies.
Meanwhile, according to a recent disclosure made by Nansen, a blockchain analytics company, it has come to light that wallets associated with the bankrupt FTX engaged in transactions involving a significant amount of digital assets, amounting to around $156 million.
FTX funds have continued to move to exchanges since our last update
– 695K PERP $423K
– 767K BICO $182K
– 833K KNC $616K
– 108M TRU $420K
– 138K BAND $221K
– 2.5M GRT $273K
– 845 MKR $1.17M
– 7.16M RNDR $17.8M
– 10.5M USDC
– 23k MATIC $15K
– 9.5M REN $500K
– 1.1M ETH $2MAnd… pic.twitter.com/UPKkJh3llq
— Nansen 🧭 (@nansen_ai) October 31, 2023
These assets include Ethereum and Solana, and the transactions occurred during the previous week. Nansen’s report provides a comprehensive account of FTX’s action of unstaking almost 1.6 million SOL tokens, which were estimated to be worth around $57.6 million, on October 30th.
These assets are presently kept in a staking wallet. The act of unstaking described here is a component of FTX’s money movement plan, which has resulted in a notable rise in the overall amount of SOL transferred, approaching the threshold of $90 million.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from foulline/Pixabay