- Solana prices rose to $54 on Friday, marking the highest level since May 2022.
- SOL has outperformed top altcoins as positive catalysts have supported the bulls’ push, with prices up 40% in the past week and 138% in 30 days.
- How high can Solana prices rise? Data suggests further upside is possible.
Solana continued its outstanding performance on Friday with another huge green candle as the price rose 24% to a high of $54. The value of the cryptocurrency has surged more than 40% in the past week and a whopping 138% in the past 30 days.
Solana’s price has risen 220% over the past year, regaining trading levels before the collapse of cryptocurrency exchange FTX, according to data from CoinGecko.
Solana price exceeds $54
Despite recent selling pressure, the rally has pushed SOL prices to their highest level since May 2022.
A breakout of this 17-month high comes after buyers regained control at the crucial $30 level, which allows for further upside to $38. A retest and new stimulus allowed the parabolic rise to $50 this week.
Solana price chart. source:TradingView
According to Santiment, a cryptocurrency data and market intelligence platform, Solana’s rise is accompanied by a sharp increase in crowd discussion about the coin.Funding rates are higher, but not yet in the danger zone. Can SOL gain more profits?
📈 #Solana It rose above $54 for the first time since May 2022. $SOL It has surged again, indicating that the mainstream crowd is recognizing the separation of that asset from others. Although the funding rate is high, we have not yet entered the ‘danger zone’. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br
— Santiment (@santimentfeed) November 10, 2023
As previously highlighted, Ethereum, Solana, and other altcoins exploded today after news broke that BlackRock had filed for a spot Ethereum ETF.
Additionally, comments this week from U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler also contributed to the surge in prices. Gensler noted in an interview with CNBC that the plan to revive FTX could work if it complies with the law.
Gensler’s comments come as reports emerge that the bid to reboot the bankrupt exchange has reached a shortlist of three companies. This includes Bullish, a digital asset platform founded by a former New York Exchange executive.