Before this increase, SOL had a tough time because a U.S. court allowed the sale of $1.3 billion worth of SOL from the bankrupt exchange FTX. So, there’s curiosity about whether SOL’s recent price jump is connected to Bitcoin or if there are other factors behind it.<\/p>\n
Solana: Challenges And Market Allure<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nThe Solana (SOL) blockchain network has seen recent difficulties, however it has garnered significant attention and demand in the market. Despite the lackluster price performance of its native token, the proof-of-stake (PoS) network has utilised the bear market to improve its technological capabilities and forge important alliances with prominent entities in the realm of traditional banking.<\/p>\n
![\"\"](\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/10\/SOL.png?resize=1024%2C53\")
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Source: Coingecko<\/a><\/pre>\nThe bankruptcy court has implemented mechanisms to mitigate the potential adverse impact of FTX asset liquidation on the cryptocurrency market. These measures involve mandating the sale of assets through a financial advisor in weekly installments, adhering to predetermined regulations.<\/p>\n
At the time of writing, SOL was trading at $23.43, down a measly 0.3% in the last 24 hours, but gained sustained an 18% rally<\/a> in the last seven days, data from crypto market tracker Coingecko shows.<\/p>\nRelated Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?<\/a><\/div>\n\n\n\n\n\n\n\nSOL Liquidity Soars With Network Stability<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nNansen, an on-chain analytics firm, recently published a report on Solana, highlighting its key strengths and potential. Solana is known for its cost-efficiency and high-speed transactions, earning it the nickname “The Ethereum Killer.” It boasts a transaction processing speed of over 3,000 transactions per second, which is nearly 30 times faster than Ethereum.<\/p>\n
The chain’s liquidity improved as a result of the dramatic increase in network stability. At press time, the TVL in terms of SOL was $27.12 million, more than double what it was at the start of the year.<\/p>\n
![](\"https:\/\/www.tradingview.com\/x\/kOK8HD64\/\")
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SOL market cap currently at $9.7 billion. Chart: TradingView.com<\/a><\/pre>\n\n\n\n\n\n\n\nSolana’s Rise Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\nThe surge of SOL was further bolstered by the expansion in the adoption of decentralized applications (DApps) and the rise in nonfungible token (NFT) volumes on the Solana blockchain.<\/p>\n
The current price of SOL is now making efforts to establish a support level at $23, aiming to solidify its position as the fifth-largest cryptocurrency (excluding stablecoins) in terms of market capitalization.<\/p>\n
\nIn the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate).<\/p>\n
a16z: BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY unstaked 2.033\u2026<\/p>\n
\u2014 Wu Blockchain (@WuBlockchain) October 6, 2023<\/a><\/p><\/blockquote>\n
<\/p>\nThe bankruptcy court has implemented mechanisms to mitigate the potential adverse impact of FTX asset liquidation on the cryptocurrency market. These measures involve mandating the sale of assets through a financial advisor in weekly installments, adhering to predetermined regulations.<\/p>\n
At the time of writing, SOL was trading at $23.43, down a measly 0.3% in the last 24 hours, but gained sustained an 18% rally<\/a> in the last seven days, data from crypto market tracker Coingecko shows.<\/p>\n Nansen, an on-chain analytics firm, recently published a report on Solana, highlighting its key strengths and potential. Solana is known for its cost-efficiency and high-speed transactions, earning it the nickname “The Ethereum Killer.” It boasts a transaction processing speed of over 3,000 transactions per second, which is nearly 30 times faster than Ethereum.<\/p>\n The chain’s liquidity improved as a result of the dramatic increase in network stability. At press time, the TVL in terms of SOL was $27.12 million, more than double what it was at the start of the year.<\/p>\n The surge of SOL was further bolstered by the expansion in the adoption of decentralized applications (DApps) and the rise in nonfungible token (NFT) volumes on the Solana blockchain.<\/p>\n The current price of SOL is now making efforts to establish a support level at $23, aiming to solidify its position as the fifth-largest cryptocurrency (excluding stablecoins) in terms of market capitalization.<\/p>\n In the recent Epoch 512, 19.637 million SOL were unstaked, with a net unstake of 16.516 million SOL (about $372 million). Most belonged to a16z and the previous Alameda (now or ftx estate).<\/p>\n a16z: BZpEFk…oPPBm7 unstaked 5.006 million SOL, a16z-2: GCmFQL…ozXMwY unstaked 2.033\u2026<\/p>\n \u2014 Wu Blockchain (@WuBlockchain) October 6, 2023<\/a><\/p><\/blockquote>\nSOL Liquidity Soars With Network Stability<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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SOL market cap currently at $9.7 billion. Chart: TradingView.com<\/a><\/pre>\n
Solana’s Rise Fueled by DApps And NFTs, Targets 5th-Largest Crypto Spot<\/strong><\/h3>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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