Solana price rose to an impressive $54 on Friday, its highest level since May 2022. This surge in SOL’s value came despite sell-off pressures, with the cryptocurrency’s price jumping 40% this past week and 138% over the last 30 days. According to CoinGecko, Solana price has increased by 220% in the past year.
SOL has outperformed top altcoins due to positive catalysts aiding the bulls’ push. This includes news that BlackRock had filed for a spot Ethereum ETF as well as comments by the US Securities and Exchange Commission (SEC) chairman, Gary Gensler. Gensler noted during an interview with CNBC that plans to revive FTX could work if those looking to do so adhered to the law.
Data from Santiment suggests that further Solana price gains are possible, with crowd discussions about the coin having spiked alongside the surge. Funding rates are high but have not entered a “danger zone” as of yet.
Overall, Solana’s gains have been impressive, having reclaimed levels it traded at before the collapse of crypto exchange FTX. Whether the cryptocurrency can continue to rise further remains to be seen.