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SOL Price Jumps 14-Month High As Solana Dodges FTX Unstaking – Crypto News

Published

2 years ago

November 2, 2023

Dripp

Solana seems to be on an absolutely unstoppable rally gaining another 12% in the last 24 hours and moving to its 14-month highs of $46. With this move, Solana has recouped all the losses that followed after the collapse of the crypto exchange FTX.

SOL Price and FTX Unstaking

The Solana (SOL) price bulls continue to hold an upper hand even on the day when crypto exchange FTX unstaked over 500K Solana coins worth a staggering $21 million, as per data from Spot on Chain.

With the recent price rally, Solana has extended its monthly gains to more than 80%. Also, Solana is now outperforming all other top ten cryptocurrencies with more than 350% gains year-to-date.

It will be interesting to see henceforth whether Solana is able to hold up to the $40 support to trigger a rally further to $50. On the other hand, the DeFi TVL on Solana has also been catching up well showing a good amount of activity over the past few weeks.

SOL is experiencing a notable surge as the Solana project endeavors to distance itself from its association with the discredited former crypto magnate Sam Bankman-Fried. A contributing factor to SOL’s rise is attributed to Solana’s impressive track record of operational performance, having encountered only a single network outage in 2023 compared to 14 incidents in the previous year

Solana and Amazon AWS

At the Breakpoint 2023, Solana unveiled a significant advancement in blockchain accessibility and integration. For the first time, Solana introduces the availability of its nodes on Amazon Web Services (AWS) through the Node Runner app.

This announcement signifies a major step forward, making Solana’s network more accessible to enterprises and businesses on a global scale. Accessing Solana’s nodes via AWS streamlines the deployment of consensus and Remote Procedure Calls (RPC) nodes, eliminating the need for extensive technical expertise. This enhancement enables enterprises to seamlessly connect their decentralized applications (dApps) to the Solana blockchain, fully unleashing its high throughput and cost-efficient transaction capabilities.

Dan Albert of the Solana Foundation expressed his excitement regarding this development stating: “This represents a step forward for the Solana ecosystem. The expertise needed to run a node has dropped significantly, making it easier than ever to deploy on Solana”.