Solana (SOL) up 10% as Price Hovers in Uncharted Territory

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Solana (SOL) is on the verge of making history following its 12.56% surge in the past 24 hours to $48.55. This price point extends its overall gains for the year to 388%.

Soaring toward history

Solana has had an exceptional showing thus far this year as the price has made a dramatic recovery since it touched its lowest point at $9.961 earlier in the year. The initial sentiment hinges on the susceptibility of SOL to the bankruptcy events that surrounded the FTX Derivatives Exchange.

Known as one of its largest holders at the time, normalcy started returning to the market when the court approved sales of FTX assets featuring some altcoins, including Solana. With the sell-off, SOL buyers established a bottom of $17 on Sept. 12, a point that served as a springboard to where SOL is today.

Undoubtedly, the current price growth is the biggest for the coin thus far this year, returning to the level it traded at in early May 2022, long before FTX’s implosion. From the level it is at at the moment, SOL is at its prime to mark a new history for the year, as any further resurgence will activate the greed existing in the market moving forward.

Long-term HODLers are beneficiaries

Solana has a lot of supporters with a dedicated community. Those who kept faith in the protocol in its darkest days are the biggest beneficiaries today.

Data from CoinMarketCap shows that SOL is now 81.64% away from retesting its all-time high (ATH) of $260.06. With 118% growth in the past month and a 129% surge in the trailing six-month period, Solana has returned a profit to anyone who bought the coin after FTX imploded.

This is no small feat as even Bitcoin, with its 79% year-to-date (YTD) rate of gain, cannot currently boast of Solana’s rate.

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.