Solana (COIN: $SOL), the native token of the Solana ecosystem, has seen a major surge in the past few days and could soon reach a new all-time high, fueled by large purchases by institutional investors.
Besides $SOL, several Solana meme coins on the Solana network, such as DogWifHat and BONK have made huge gains in recent weeks. The Solana network has experienced a massive surge in user activity, with the number of active addresses rising from 660,000 in February to a record high of 1.04 million. The remarkable user growth on the Solana ecosystem shows people’s engagement and attraction towards the project.
Pantera Capital Aims to Acquire $250M Worth of SOL from FTX
Pantera Capitals, an American hedge fund with over $5 billion in assets under management, which focuses on digital asset investments, is seeking funds to buy Solana tokens worth $250 million. It aims to buy the SOL tokens from the bankrupt FTX exchange at $59.95 per token, a major discount on the SOL’s 30-day price.
The estate handling the affairs of FTX received permission from the bankruptcy court last September to sell off assets such as Solana (SOL), Bitcoin (BTC), and Ethereum (ETH), with a maximum weekly limit of $100 million in sales.
Solana Killer Exchange Platform
The unveiling of the Solana Killer exchange platform on March 15, 2024, and the strategic importance of Option2Trade in the ecosystem was a major milestone for the crypto sector. It is designed to break the existing limitations of blockchain technologies, including Solana.
Moreover, this platform will enhance the scalability, speed, security, and efficiency of crypto transactions. The bold declaration of being a ‘Solana (SOL) Killer’ not only showcases its ambitious aspirations but also underscores the platform’s confidence in its technological advancements.
Why Is $SOL Rising?
SOL token has performed remarkably well in the past 24 hours. One of the drivers of this surge is Solana meme coins WIF and BONK. These two meme coins have seen rising interest from investors, rising hundreds of times from their launch price.
WIF’s recent fundraising event in Las Vegas has also attracted many new investors to the Solana ecosystem. Since the onset of the recent WIF rally in late February, the SOL network has experienced an unusually high influx of new users.
$SOL Price Trend
At the time of writing, $SOL is trading at $179.26, with a gain of 6.58% in the last 24 hours. The token continues the bullish trend towards the $200 mark and a new all-time high. It has the fifth largest market cap of $79.56 billion with a 24-hour volume of $14.04 billion.
Should You Buy $SOL?
The current trend for $SOL is quite bullish and it is forecast to reach the $200 mark in the coming days. Although it is important to stay cautious of the latest market conditions, SOL has great bullish momentum and a huge potential upside. While it is unlikely to repeat the performance of its last bull cycle, a break past the $200 psychological mark could propel it even higher.
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