According to the cryptocurrency market tagging website CoinMarketCap, the price of SOL has increased 6.72% during the previous 24 hours. As a result, its weekly performance has now turned positive, with SOL's price up 0.37% in the past week.
The FTX fiasco had a significant negative impact on the price of Solana, among other projects. The price of SOL is currently approaching the $14.31 resistance level.
The past 24 hours have witnessed a lot more buzz on FTX due to Sam Bankman-Fried's trial starting in the United States. Two days ago, the disgraced founder of the defunct cryptocurrency exchange FTX was detained in the Bahamas. After the Bahamas' government issued a statement saying that the United States is likely to request his extradition, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) detained the ousted CEO and accused him of fraud.
Despite the damage caused by FTX's downfall, several tokens recorded increases in their activities and price drops. Dogecoin (DOGE), for instance, saw a 0.50% spike in its price some days ago. Solana (SOL) has now joined this train too.
Despite the deep rabbit hole FTX dug for several stakeholders in the crypto space, and the cryptocurrency kept producing increases. Unfortunately, FTX Token (FTT) saw the most significant price drop after the initial crypto market crisis on November 6 of this year due to the FTX collapse, followed by SOL.
At the time of publication, the cryptocurrency market monitoring website CoinMarketCap reported that the price of SOL had increased 6.72% over the previous 24 hours. As a result, its weekly performance has turned positive, with SOL's price up 0.37% in the past week. SOL is now trading at $13.92 as a result.
The price of SOL is moving toward its immediate resistance level at $14.31, which will act as a crucial support level if the altcoin's price can reverse it. Should SOL's price exceed this mark, it will also be eligible to increase to $14.80. In addition, it might hit $16.12 by rebounding from the level.
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However, the support level at $12.80 will be threatened if market bearishness heightens and SOL's price declines. If SOL's price were to break past this barrier, it would aim for a crucial support floor at $11.70.
How long do you think this price hike will last? Please share your thoughts with us in the comments section.
