The price of Solana’s SOL token has jumped to a 14-month high, reaching $46. This price increase comes despite the major regulations">crypto exchange FTX unstaking over 500,000 SOL tokens worth $21 million.
Solana">Solana continues to rally, gaining 12% over the last 24 hours. With these gains, Solana has recovered all the losses that followed the collapse of FTX.
The bullish sentiment around Solana persists even with FTX selling off a large portion of its SOL holdings. Solana is now up over 80% for the month and 350% year-to-date, outperforming all other major cryptocurrencies.
It remains to be seen if Solana can maintain the $40 level of support to continue rallying up to $50. Meanwhile, activity on Solana’s DeFi platforms has also been increasing over the past few weeks.
Part of Solana’s recent price boost is attributed to the project distancing itself from its ties to the disgraced Sam Bankman-Fried. Solana’s operational performance has also improved, with only one network outage so far in 2023 compared to 14 last year.
At the Breakpoint 2023 conference, Solana announced a major step in improving blockchain accessibility by making its nodes available on Amazon Web Services (AWS). This will significantly streamline enterprise adoption of Solana by eliminating the need for specialized technical expertise to run nodes. Overall, this development will unlock Solana’s capabilities for throughput and cost efficiency for decentralized apps looking to leverage its network.
