Solana worth hits a brand new 2023 excessive — What’s behind the SOL rally?

Solana’s native token, SOL (SOL), skilled a powerful 22% surge on Nov. 10, breaking previous the $54 mark for the primary time since Might 2022. Notably, this surge occurred amid the continual promoting of SOL tokens by FTX’s chapter property. The Delaware Chapter Courtroom authorised the sale of the failed alternate’s belongings, which included 55.75 million SOL, in September 2023.

Investor enthusiasm for SOL’s worth improve could also be attributed to the truth that among the tokens from the chapter proceedings are both vested or locked. Moreover, there’s a weekly sale restrict of $100 million imposed as a part of the FTX liquidation plan. In essence, the preliminary concern of asset liquidation has remodeled into hope as traders understand the restricted impression of the gross sales.

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