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Solana Rallies 26% in a Week Despite FTX Sale Fears; What's Behind the Move?
Alameda FUD turned out to be less severe than anticipated, one analyst noted.
• Solana jumped 11% Friday and is one of the best performing crypto assets this year with a 170% gain.
• Investor worries about FTX selling tokens were overblown, an IntoTheBlock analyst noted.
• Rising activity on the Solana network, massive influx into digital asset funds and a recent tech upgrade also likely contributed to the rally.
Solana (SOL) is higher by another 11% on Friday, continuing to outperform the rest of the crypto market and defying worries of a potential fire sale by bankrupt crypto exchange FTX.
With today’s advance, the cryptocurrency is now higher by more than 26% this week, CoinDesk data shows. Crypto leaders bitcoin (BTC) and ether (ETH) were ahead by 10% and 3%, respectively, over the same time frame. The broad crypto market-proxy CoinDesk Market Index ( CMI ) advanced 8%.
"This is some of the strongest buying activity we’ve seen since July," David Shuttleworth, research partner at Anagram and former managing director at Binance Labs, told CoinDesk.
Read More: https://www.coindesk.com/markets/2023/10/20/solana-rallies-26-in-a-week-despite-ftx-sale-fears-whats-behind-the-move/
Alameda FUD turned out to be less severe than anticipated, one analyst noted.
• Solana jumped 11% Friday and is one of the best performing crypto assets this year with a 170% gain.
• Investor worries about FTX selling tokens were overblown, an IntoTheBlock analyst noted.
• Rising activity on the Solana network, massive influx into digital asset funds and a recent tech upgrade also likely contributed to the rally.
Solana (SOL) is higher by another 11% on Friday, continuing to outperform the rest of the crypto market and defying worries of a potential fire sale by bankrupt crypto exchange FTX.
With today’s advance, the cryptocurrency is now higher by more than 26% this week, CoinDesk data shows. Crypto leaders bitcoin (BTC) and ether (ETH) were ahead by 10% and 3%, respectively, over the same time frame. The broad crypto market-proxy CoinDesk Market Index ( CMI ) advanced 8%.
"This is some of the strongest buying activity we’ve seen since July," David Shuttleworth, research partner at Anagram and former managing director at Binance Labs, told CoinDesk.
Read More: https://www.coindesk.com/markets/2023/10/20/solana-rallies-26-in-a-week-despite-ftx-sale-fears-whats-behind-the-move/
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