Solana (SOL) has become the strongest altcoin over the past week, significantly outperforming both itcoin">Bitcoin and other major cryptocurrencies. The SOL price has risen 38% from its September lows and gained 2.43% against itcoin">Bitcoin during recent choppy trading. This bullish price action came even as Ethereum targeted fresh 52-week lows compared to BTC.
Last Thursday, SOL gained 2.99% to reverse the previous day’s 2.13% loss. The positive momentum aligns with a bullish market structure and strong demand for the native asset of Solana’s blockchain. However, SOL remains 25% below its 2022 high of around $35.
In a major development, FTX’s estate last week staked 5.5 million SOL worth over $122 million with the Solana validator Figment. This surprising move came despite FTX funds now being managed by a bankruptcy trustee post-collapse. It coincides with FTX collecting claims from former exchange users.
Additionally, Solana recently partnered with the Dubai Multi Commodities Centre, a free economic zone in the UAE. This further strengthens SOL’s fundamentals.
SOL/BTC’s recent uptrend can be attributed to the pair gaining over 6.5% from October lows. The 0.00087 level marks stiff resistance ahead of a potential retest. While Solana TVL has risen steadily, its share remains low at 0.91% of total TVL across chains. This signals adoption is still lacking.
Technical analysis shows SOL has maintained an uptrend since September. Breaking equal highs at $24.81 could trigger an extremely bullish SOL price outlook. Supply near $25.9 may provide resistance, but the main target is buy-side liquidity above $29. This would require itcoin">Bitcoin reclaiming $30,000.
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