SOL Bucks the Trend and Hit a New ATH as Crypto Market Sees Another Sell-off

The coin is on an uptrend ever since people tried to bet FTX CEO Sam Bankman-Fried that SOL is overvalued at $2.


SOL is unstoppable. While the cryptocurrency market crashed, ‘sam coin’ SOL went and hit a new all-time high. Hitting a new ATH just above $41, it was followed by a pullback of nearly 24% to $31.3850. As of writing, SOL is trading at around $35.

This isn’t the first time that SOL has bucked the trend. During the last sell-off on the weekend as well, while BTC, Ether, and altcoins took a beating, SOL recovered fast to hit ATH at the time.

One potential reason could be less degen trading in SOL. Bitcoin (BTC), Ethereum (ETH), XRP, DOGE, Cardano (ADA), Polkadot (DOT), and BNB are the most popular cryptos in liquidations.

BTC -2.04% Bitcoin / USD BTCUSD $ 43,080.23
-$878.84-2.04%
Volume 33.93 b Change -$878.84 Open $43,080.23 Circulating 18.82 m Market Cap 810.98 b
17 h China’s Leading Crypto Exchange, Huobi, Custodies More than $1 Billion in Assets 19 h Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly 20 h New Jersey Regulators Extend Enforcement on BlockFi BIA Ban to December 1st
ETH -6.40% Ethereum / USD ETHUSD $ 2,919.12
-$186.82-6.40%
Volume 18.38 b Change -$186.82 Open $2,919.12 Circulating 117.65 m Market Cap 343.44 b
15 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees   19 h Wormhole Launches Solana-Ethereum Bridge to Move NFTs Cross-Chain 19 h Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly
XRP -5.77% XRP / USD XRPUSD $ 0.94
-$0.05-5.77%
Volume 3.58 b Change -$0.05 Open $0.94 Circulating 46.72 b Market Cap 43.78 b
1 d SEC Scores Minor Victory Against Ripple As Court Rejects Employee Trading History Motion 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits
DOGE -6.23% Dogecoin / USD DOGEUSD $ 0.21
-$0.01-6.23%
Volume 1.52 b Change -$0.01 Open $0.21 Circulating 131.42 b Market Cap 27.52 b
19 h Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly 1 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 1 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End
ADA -1.02% Cardano / USD ADAUSD $ 2.22
-$0.02-1.02%
Volume 3.66 b Change -$0.02 Open $2.22 Circulating 32.03 b Market Cap 70.94 b
3 d JPMorgan says Ether Is Overvalued at Current Prices and DeFi’s Institutional Adoption Is Above 60% 6 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 1 w Polygon to Integrate EY’s Blockchain Solutions Into Its Ecosystem
DOT -3.19% Polkadot / USD DOTUSD $ 30.28
-$0.97-3.19%
Volume 2.63 b Change -$0.97 Open $30.28 Circulating 987.58 m Market Cap 29.91 b
2 d Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 6 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows

On the record $10.1 billion liquidation day, SOL only accounted for $18.11 million of it, both long and short. As for in the past 24 hours, $37.73 million were liquidated, the majority being short, as per Bybt.

Up 1,751% YTD, SOL was trading at about $1 right before entering 2021. It was around this time, in early January, when the founder and CEO of crypto exchange FTX, Sam Banman-Fried, in a bet with a trader who argued SOL is overvalued at around $3, said, “I'll buy as much SOL as you have, right now, at $3. Sell me all you want. Then go fuck off.”

SOL hasn’t seen that level again so far. It is currently the 15th largest cryptocurrency with a market cap of $9.25 billion.

SOL is the native token of public blockchain Solana that boasts scalability, low fees, and high transaction processing, the biggest bottleneck of the second largest network, Ethereum.

With the congestion and high fees on Ethereum pricing out smaller users, Solana and BSC have been attracting most of this audience.

Solana is a proof-of-stake (PoS) blockchain, which Ethereum is working towards, where SOL token holders get reward incentives for staking their tokens to secure the network.

Bankman-Fried’s team chose Solana blockchain to build Serum, a decentralized exchange (DEX). On Friday, Serum announced that they had depreciated the SerumSwap, and liquidity will now be removed. The team said,

“After considerable discussion with liquidity providers, code maintainers, and users, it was determined that alternatives provide suitable product functionality, and the high maintenance overhead was no longer justified.”

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