- In the top 35 coins, Solana has been the biggest gainer at over 40% in the past week, and despite a slight correction today, the price looks set to regain momentum.
- Analysts have pointed out that the crypto has been consolidating in the past few days in a closed range and expect the price to shoot to $75 in the near future.
It’s been a good few months for most cryptos, from Bitcoin and Ethereum to XRP and Cardano. However, no major cryptocurrency has had a better run than Solana. After tanking as FTX collapsed, SOL has picked itself up and brushed aside its struggles. It has now set a new one-year high on the back of 40% weekly gains as analysts predict $75 in the near future.
SOL is trading at $57.72 at press time after dipping 3.28% in the past 24 hours. The dip wasn’t limited to Solana, however, as most major cryptos saw a wave of red after weeks of upward movement. Despite this slight dip, SOL has clocked 43% gains in the past seven days—its best weekly run since January 2023—to surge from $40.2 and set a new record. Its monthly gains stand at 169%.
(Seven-day graph courtesy of CMC)
SOL is in a “healthy consolidation phase,” says pseudonymous analyst and trader Altcoin Sherpa. He predicts that the token is headed to $75 “within the next few weeks.”
$SOL: still probably going to go to $75 within the next few weeks. Consolidations like these are healthy; bidding $55 is a decent idea for traders. I think you have a chance for it to go there again. #Solana pic.twitter.com/ImVydFdCs8
— Altcoin Sherpa (@AltcoinSherpa) November 13, 2023
The last time Solana hit $75 was in mid-May last year before the Terra-LUNA collapse threw the industry into a bear market. It dropped all the way to $36 by early November. However, FTX collapsed and, with SOL having deep ties to the exchange and founder SBF, the token was on a free fall again. It bottomed out just below $10 at the turn of the year before an incredible run that doesn’t seem to be stopping.
Solana to $75
When FTX collapsed, many traders were quick to dump Solana. However, those who held on are now receiving their rewards. One of them is Yassin Mubarak, the founder of private equity firm Dizer Capital and a veteran trader in crypto. He says that SOL is now his biggest investment and that “the growth has been amazing.”
$SOL used to be number 4 in my portfolio. Today it's number 1. The growth has been amazing.
— Yassin Mobarak 🪝 (@Dizer_YM) November 11, 2023
Solana’s rise is even more incredible when you consider the FTX selloff. A Delaware court approved the sale of 55 million SOL tokens in September. FTX estate has dumped up to 750,000 SOL daily, but the demand has exceeded this supply.
The token has also been getting a lot of interest from institutional investors. According to CoinShares, institutional flow into the SOL market hit $10.8 million in the first week of November.
In yet another show of institutional support for SOL, shares in Grayscale’s Solana Trust have doubled in the past week. They now trade above $200, up from $87 a week ago. With the price of SOL on the open market below $60, the shares are selling at an incredible premium above 800%.
