SOL Price Is Aiming for $50 Even While FTX Is Still Transferring Solana

In the latest altcoin market rise, Solana has reportedly surpassed Ethereum by 50% over the last few weeks.

 

 

Solana, a competitor to Ethereum, is one of the top-performing assets in the top ten crypto list despite recent market turmoil. Big investors like VanEck have pushed the SOL price up to $44 because they see enormous potential in the stock.

 

 

 

 

 

 

Price Movements in Solana Amid FTX Transfers

 

According to on-chain data, major Solana holdings have been transferred from the cryptocurrency exchange FTX. Despite this, SOL bulls keep shrugging off the altcoin’s selling pressure.

 

Spot on Chain reports that in the last 24 hours, FTX and Alameda have sent approximately $40 million to exchanges. The enormous transfers over the past few weeks will continue at this rate.

 

 

 

 

 

Following a jump in the market, the price of SOL has started climbing, creating a rising channel pattern. For the first time since July, Solana was able to break through a key resistance level at $28.16.

 

 

 

 

 

 

The Solana price could gain traction again and go for the higher resistance level at $46.83 if the bulls can gather the strength to break through the $42.50 barrier. Keeping support here might set the stage for a push for this month’s major resistance level of $50.

 

The price has been supported by the 50-day Exponential Moving Average (EMA), which could foreshadow an upward trend reversal.

 

If the rising support trendline is broken, however, the price may lose steam and head back toward the $38.77 support level. If the current negative trend were to reverse, the price might drop to $33.29 in the near future.

 

 

 

 

 

 

 

 

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Taking Over Ethereum Like A Boss

 

Solana has been gaining ground on the largest altcoin, Ethereum, and functioning like a true Ethereum killer. The Solana (SOL) to Ethereum (ETH) ratio has been steadily rising since September, according to a report by Kaiko Research. This surge has returned the ratio to levels seen prior to the bankruptcy of the FTX cryptocurrency exchange in November 2022.

 

SOL outperforming ETH is shown by a rising SOL/ETH ratio, while SOL underperforming ETH is indicated by a falling SOL/ETH ratio. Kaiko pointed out in its study:

 

 

 

“Since September, SOL has been the clear outperformer, with the ratio between the two jumping from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse.”

 

 

 

 

 

 

 

 

 

 

 

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