Solana Rallies Despite FTX Sale Fears
Solana (SOL) continues to outperform the rest of the crypto market and defying worries of a potential fire sale by bankrupt crypto exchange FTX.
Solana is now higher by more than 26% this week, CoinMarketCap data shows.
Crypto leaders bitcoin (BTC) and ether (ETH) were ahead by 10% and 3%, respectively, over the same time frame.
This week’s gain adds to SOL’s remarkable comeback as one of the best-performing digital assets this year with a 170% year-to-date rise. This after Solana’s future was in doubt at the end of 2022 following the spectacular fall of Sam Bankman-Fried – one of the ecosystem’s top supporters and investors.
The Solana blockchain enjoyed increasing network activity over the past weeks, digital asset manager 21Shares researchers noted in a report citing blockchain data by The Block.
The analysis also noted that Solana recently activated a tech upgrade that reduced validator hardware requirements, and added optional zero-knowledge-compatible encryption for transactions.
(With inputs from Shikha Singh)
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