Solana (SOL) Soars to a 22-Month High: Is Sam Bankman-Fried Behind the Rally?
Solana (SOL) has experienced a significant surge in price, reaching a 22-month high. This rise in value may be attributed to the involvement of Sam Bankman-Fried (SBF), the former CEO of FTX. SOL reached as high as $136, nearly hitting $137, according to data from CoinMarketCap. The rally follows a report by The New York Times, revealing that Bankman-Fried had been providing investment advice to prison guards and encouraging them to invest in SOL.
Bankman-Friedโs Connection to Solana
SBF has a long history with Solana, making it unsurprising that he is promoting SOL even from prison. He has been vocal about the cryptocurrency since its trading days at under $3 in 2021. Additionally, Bankman-Friedโs Alameda Research was one of the main supporters of Solana. Furthermore, SOL is one of the largest crypto holdings for the now-defunct exchange FTX, which adds credibility to Bankman-Friedโs influence on the price surge.
Some argue that this promotion is the least Bankman-Fried can do, considering that his companyโs collapse significantly contributed to SOL dropping below $10 in 2022.
Solanaโs Impressive Comeback
Solanaโs recent success story is remarkable. After Alameda Research and FTX collapsed, the SOL ecosystem had to rebuild itself. These events caused SOL to plummet below $10 when both companies eventually filed for bankruptcy in 2022.
However, SOL made a comeback in 2023 with over a 1000% gain. It wasnโt an easy journey, as the ecosystem needed to distance itself from Bankman-Fried and his companies. From January to October 2023, SOL only saw a 100% year-to-date increase.
After Bankman-Friedโs trial, SOL surged above the $100 mark. This rise may just be the beginning, with predictions of even more exponential gains ahead. Crypto analyst Hansolar believes that SOL could reach as high as $600 in this bull market cycle. Meanwhile, a popular Crypto YouTuber predicts that SOL will rise to $750 by 2025. Regardless, SOL is likely to surpass its all-time high (ATH) of $260.
Current Status of Solana
As of now, SOL is trading at around $134, marking an almost 8% increase in the past 24 hours according to data from CoinMarketCap.