Solana’s SOL Rallies 20% in a Day, Erasing Woes of Past 18 Months
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Solana’s native token SOL has rallied 20% in the last 24 hours, continuing a three-week upswing that erased the asset’s yearly losses – and then some.
The token was trading hands near $54 at press time according to CoinDesk market data. It had last held that level in the weeks following Terra Luna’s market-shattering collapse in May 2022.
The price surge comes on the heels of Solana’s annual conference and in spite of market jitters over going-on at FTX Group, a major holder of the SOL token. That bankrupt company has sent mixed messages about what it plans to do with its sizable stake.
SOL’s price jump could prove to be a win for the many creditors of FTX. The asset is now trading in a range that will make customers of the crypto exchange whole, according to Thomas Braziel, the CEO of 117 Partners, a company that closely follows the distressed asset markets. Sam Bankman-Fried was just convicted for stealing that customer money.
Of course, that would require SOL to at the very least hold this level for possibly years. Much of FTX’s SOL holdings are locked up until 2027 or later.
Edited by Nick Baker.