The recent surge in cryptocurrency prices, which occurred last week and at the beginning of this week, has grabbed attention. Alongside all these price increases, Solana (SOL), which had lost its glorious days after the FTX case, also joined the rally. Analysts continue to make statements regarding the price expectations for SOL.
Renowned crypto analyst Altcoin Sherpa shared a post on an X application on October 22. The analyst, examining Solana’s exponential moving average (EMA), stated that there are no apparent issues and described SOL as “one of the best buys you can make.”
The analyst believes that if SOL’s EMA remains above $27, the next price target for SOL is $37, but still advises investors to be cautious. The reason for this caution is attributed to SOL’s entry into the market through FTX. This is because FTX has obtained legal approval for the liquidation of cryptocurrencies, including SOL. The total value of these cryptocurrencies is known to be $3.4 billion.
Indeed, the bankrupt cryptocurrency exchange, in order to start repaying its debts, obtained court permission to sell $1.16 billion worth of Solana, $192 million worth of Ethereum (ETH), $560 million worth of Bitcoin (BTC), and $137 million worth of Aptos (APT), totaling $3.4 billion in crypto assets.
This situation had caused concern among investors as a significant sale could trigger a drop in Solana’s price. However, the court decision does not allow for a bulk sale. Instead, FTX is only allowed to sell $100 million worth of cryptocurrencies weekly.
At the time of writing, Solana’s price was trading at $29.71 and had experienced a 2.48% price increase in the last 24 hours. According to the weekly price analysis, SOL’s price has increased by 27.48%. More importantly, according to the latest data obtained on October 23, SOL has witnessed an impressive price surge of 51.25% in the 30-day price analysis.
Despite the concerns of investors, Solana has achieved a 197.77% increase in value since the beginning of the year, thanks to agreements and improvements made on the network, making it one of the best-performing cryptocurrencies in 2023.