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.
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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.”