As the cryptocurrency market took a huge fall due to the FTX exchange debacle, Solana (SOL) found itself facing the worst time. Its value took a significant fall and its devastation followed the FTX Token (FTT).
Despite taking a huge hit due to the FTX exchange collapse, SOL has demonstrated a strong performance in the recent trading sessions.
SOL Price has been recovered
On November 23, the cryptocurrency market was excited to see that a strong recovery had been witnessed in SOL’s trading price.
The rebound was due to a strong rally that the bulls had managed to form in favor of Solana. The massive rally caused the price of SOL to surge at a massive rate.
At the time of writing, the trading price of SOL sitting at $13.37. In the past 24 hours, the value of SOL has jumped almost 20%. Due to the rally, its value has added $2.22 in a 24-hour window.
Despite recording a massive recovery in the past 24 hours, SOL is still almost 6% lower than it was in the past week. The asset is still trying to shed the losses it had incurred in the past week.
The firm that has reported the data against Solana is Finbold.
SOL’s past 24-hour Performance
Due to the recent recovery, the valuation of SOL has also experienced a great boost. Prior to the rally, the overall valuation of SOL stood at $4 billion. After the increase, the valuation has shot up to $4.83 billion
According to the report, SOL added around $800 million to its valuation in a 24-hour period. CoinMarketCap has compiled and shared information about SOL’s valuation and price growth.
SOL’s Price in Future
The SOL price is in for a fortune and may continue to rise in near future. However, the rise in the value of SOL would be because of the investors with short-term interests.
Therefore, it can be said that the current market trend for SOL is in a bullish direction. There is also a prediction about the trading price of SOL by the end of 2022.
The data predicts that by December 31, 2922, the value of SOL rise all the way up to $28.35.
SOL is being shorted
The report shows that despite the upward movement of these assets, the value of Solana has not traveled much. The asset is heavily shorted even on the Binance cryptocurrency exchange.
This means that although the investors are willing to invest in SOL, they have no intentions of holding it for long. Instead, they are after short-term gains
The expectations of SOL investors are very high for short-term investments instead of long-term investors.