Solana (SOL) has climbed over 175% in the last 30 days, reaching a $20 billion market cap milestone. The rally comes despite selling pressure from FTX associated wallets offloading SOL holdings.
Analysts reported FTX wallets unstaking $160 million worth of SOL recently, causing a brief price dip. But consistent sales of 250k-700k SOL daily for two weeks have not deterred Solana’s upside.
The demand absorption despite unlocked FTX tokens points to broader market confidence in Solana. As a top three layer-1 blockchain, Solana is challenging Ethereum and BNB Chain.
SOL currently trades around $60, up from $20-30 levels throughout much of 2022. The past month shows Solana’s resilience amid market turmoil and its potential for further growth.
But FTX sell-offs may continue as the exchange’s bankruptcy unfolds. Nonetheless, Solana’s gains show its fundamental strength beyond price fluctuations.
