Solana value hits 17-month excessive above $54: What subsequent for SOL?

• Solana value rose to $54 on Friday, its highest stage since Might 2022.
• SOL has outperformed high altcoins as constructive catalysts support bulls’ push, with value up 40% this previous week and 138% over 30 days.
• How far can Solana value rise? Information suggests additional upside is feasible.

Solana continued its outperformance on Friday with one other enormous inexperienced candle as value rose 24% to climb to highs of $54. The cryptocurrency’s worth has jumped greater than 40% this previous week and a formidable 138% over the past 30 days.

In keeping with information from CoinGecko, Solana value has elevated by 220% prior to now 12 months – reclaiming ranges it traded at earlier than the collapse of crypto trade FTX.

Solana value breaks above $54

Regardless of current sell-off strain, bulls have managed to push SOL value to its highest stage since Might 2022.

The breakout to this 17-month excessive comes after consumers regained management on the vital $30 stage, with this permitting for additional upside to $38. A retest and contemporary impetus allowed for this week’s parabolic transfer to $50.

Solana value chart. Supply:TradingView

In keeping with crypto information and market intelligence platform Santiment, Solana’s beneficial properties are accompanied by a serious spike in crowd discussions concerning the coin.
Whereas funding charges have flipped greater, they’re but to enter the hazard zone. Can SOL eke out extra beneficial properties? 

📈 #Solana has now surpassed $54 for the primary time since Might, 2022. Dialogue charges on $SOL have once more spiked, indicating the mainstream crowd acknowledges the asset’s decoupling from different property. Funding charges are excessive, however not in a ‘hazard zone’ but. https://t.co/Tl9jlAsOx5 pic.twitter.com/sG97sCU9Br

— Santiment (@santimentfeed) November 10, 2023

As highlighted earlier, Ethereum, Solana and different altcoins exploded as we speak after information that BlackRock had filed for a spot Ethereum ETF.

Additionally taking part in a task within the value surge was this week’s feedback by Gary Gensler, the chairman of the US Securities and Alternate Fee (SEC). Gensler famous throughout an interview with CNBC that plans to revive FTX might work if these trying to take action adhered to the regulation.

Gensler’s feedback got here at a time when experiences indicated that entities seeking to reboot the bankrupt trade had come all the way down to a closing shortlist of three firms. It consists of Bullish, a digital property platform based by a former New York Alternate govt.