8 months ago
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Solana (SOL) is currently riding a wave of its own, rallying significantly in the last 24 hours to a 22-month high. Interestingly, there is reason to believe that FTX’s former CEO, Sam Bankman-Fried (SBF), might have contributed to this bullish momentum.
Solana Rises To As High As $136
Data from CoinMarketCap shows that SOL rose to as high as $136 and almost hit $137 in its latest move to the upside. This rally from the crypto token comes following a New York Times report that Bankman-Fried was offering investment advice to the prison guards and explicitly asked them to invest in SOL.
SBF is known to have a long history with the crypto token, so it isn’t surprising that the FTX founder is shilling SOL to them. The convicted crypto founder has been vocal about SOL even when it was trading under $3 back in 2021. Meanwhile, Bankman-Fried’s Alameda Research also happened to be one of the principal backers of Solana.
The defunct crypto exchange FTX also has SOL as one of its largest crypto holdings. Therefore, Bankman-Fried contributing to Solana’s price surge from prison doesn’t seem like a bad idea. Moreover, some will argue that it’s the least the former executive could do, considering that his company’s collapse significantly contributed to SOL dropping below $10 back in 2022.
Solana’s Comeback Story
Solana’s comeback story has been nothing short of impressive. The SOL ecosystem had to rebuild somewhat following Alameda Research and FTX’s collapse. Back then, SOL tumbled to below $10 following revelations regarding both companies and their eventual filing for bankruptcy in 2022.
SOL made a comeback last year, seeing over a 1000% gain in 2023. However, these gains didn’t come easy, as the ecosystem had to detach itself from links with Bankman-Fried and his companies. For context, SOL only saw over 100% year-to-date from January 2023 until October 2023.
It wasn’t until after the Bankman-Fried trial that SOL made its real intentions known, rising above the $100 mark in the process. Interestingly, there is reason to believe that this run from the crypto token is just the tip of the iceberg, as there are more exponential gains ahead. Crypto analyst Hansolar recently predicted that the crypto token could rise to as high as $600 in this bull market cycle.
Crypto YouTuber gave a more bullish price prediction, stating that SOL would rise to as high as $750 by 2025. Whatever the case may be, SOL is all but set to hit and surpass its all-time high (ATH) of $260.
At the time of writing, SOL is trading at around $134, up almost 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Medium, chart from Tradingview.com
