The crypto market has had a strong bullish week, with Solana (SOL) outperforming other leading cryptocurrencies by surging over 34% in value.  This surge comes on the heels of Bitcoin’s consistent growth over the past week.

Solana has particularly stood out, especially given the crypto market’s overall cap expanding by more than 2%. Solana holds a prominent position in the world of decentralized finance (DeFi). The platform is recognized for its scalability, cost-efficiency, and rapid transaction processing capabilities.

Utilizing its innovative proof-of-history (PoH) technology, this fourth-generation blockchain accelerates transaction execution while markedly reducing confirmation times.

FTX Estate’s Staking of Over 5.5 Million in Solana Sparks SOL Surge

$SOL’s remarkable surge seems to have been ignited by the news that the FTX estate opted to lock up approximately $122 million worth of Solana held in the insolvent exchange’s cryptocurrency wallets instead of selling it.

The on-chain data from October 13th reveals the transaction, where an FTX-identified wallet moved the tokens to Figment, a staking validator company that caters to institutional investors.

🚨 🚨 🚨 🚨 🚨 5,546,217 #SOL (121,255,031 USD) transferred from unknown wallet to unknown new wallethttps://t.co/8iwNIfyVWN

— Whale Alert (@whale_alert) October 14, 2023

During the same period, early on Saturday, the FTX estate also engaged in staking approximately 3,200 Ethereum valued at around $5 million, as confirmed by on-chain data.

Staking entails locking a specific amount of coins for a predetermined duration. In exchange for securing the network with their stakes, staking participants receive $SOL coin rewards. FTX was an early investor in Solana and regularly receives a significant amount of unlocked $SOL tokens as per the established vesting schedule.

Solana’s Resurgence – SOL Price Analysis and Future Projections

The Solana price began October trading within a narrow range of $23 to $24.25. However, it later experienced a decline, breaking below its support level. Following this, $SOL traded within a consolidated range of $21.17 to $23 for about a week.

During this period, there were attempts to breach the crucial support zone, but the bulls managed to hold the price steady. Subsequently, $SOL gained momentum and broke out above the $23 resistance level, continuing to appreciate but facing rejection near $24. The price then remained around this trend line for a period.

Recently, Solana’s price made another attempt to surpass the critical resistance at $24, and it successfully broke through, triggering a bullish trend. On October 19th, $SOL reached $27, its highest level since July this year. To buy $SOL we recommend eToro, a safe regulated crypto exchange. 

Solana price today is $29.61 with a 24-hour trading volume of $3.31 billion and market cap of $12.34 billion. The SOL price increased 10.00% in the last 24 hours.

If the bulls maintain their strength and break past the $28.04 resistance, Solana is poised to regain momentum and challenge its upper resistance at $30 soon. Moreover, should the bullish trend persist, it could continue to rise and test its annual high of $33 in the coming days.

On the other hand, if the bears take control, causing a trend reversal, the price may lose momentum and test its support level at $26. Furthermore, if the bears dominate the market, the price could experience another decline, testing its lower support level at $24.15 in the near future.

Check out the in-depth Solana price prediction in the video above, and subscribe to his YouTube channel for more crypto price forecasts. Jacob Crypto Bury also runs a 17,000-member Discord community offering trading tips and insights on upcoming crypto presales.

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