Solana price surged to $54 on Friday, marking its highest level since May 2022. The cryptocurrency has outperformed other top altcoins, experiencing a 40% increase in price over the past week and an impressive 138% increase over the last 30 days. This strong performance has led to significant discussions and speculation about how far Solana’s price can rise, with data suggesting that further upside is possible.
Despite recent sell-off pressure, bulls have managed to push SOL price to its highest level since May 2022. The breakout to this 17-month high comes after buyers regained control at the critical $30 level, allowing for further upside to $38. A retest and fresh impetus allowed for this week’s parabolic move to $50. Data from CoinGecko indicates that Solana’s price has increased by 220% in the past year, reclaiming levels it traded at before the collapse of crypto exchange FTX. According to crypto data and market intelligence platform Santiment, Solana’s gains are accompanied by a major spike in crowd discussions about the coin. While funding rates have flipped higher, they are yet to enter the danger zone.
The surge in Solana’s price has been attributed to several positive catalysts, including BlackRock’s filing for a spot Ethereum ETF and statements from Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). Gensler’s comments during an interview with CNBC that plans to revive FTX could work if they adhered to the law have also contributed to the price surge. These comments came at a time when reports indicated that entities looking to reboot the bankrupt exchange had come down to a final shortlist of three companies, including Bullish, a digital assets platform founded by a former New York Exchange executive.
