CDS Crypto News SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking
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SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking

Despite FTX's decision to unstake over 500,000 SOL coins, Solana's bullish momentum remains unrelenting, potentially paving the way for an extended rally towards the $50 mark.

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SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking

Crypto News- Solana has been on an impressive price rally, surging to its highest point in 14 months at $46, and recovering from the losses it incurred following the collapse of the crypto exchange FTX. Even as FTX unstaked over 500,000 Solana coins valued at $21 million, Solana’s price continued to rise.

SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking

This recent surge has translated into over 80% monthly gains for Solana, outperforming other top cryptocurrencies in the market with year-to-date gains of more than 350%. The community is now eagerly watching whether Solana can maintain its support at the $40 level and potentially push further to reach $50. Additionally, the Total Value Locked (TVL) in decentralized finance (DeFi) on the Solana network has been growing, indicating increased user activity on the platform in recent weeks.

SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking
SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking 1

One notable contributing factor to Solana’s rise is its exceptional operational performance. In 2023, the network experienced only one network outage, a significant improvement compared to the 14 incidents reported in the previous year. This remarkable reliability has instilled confidence among investors and users in the Solana ecosystem.

At Breakpoint 2023, Solana made a significant announcement that aims to enhance its accessibility and integration. For the first time, Solana introduced the availability of its nodes on Amazon Web Services (AWS) through the Node Runner app. This development is pivotal in making Solana’s network more accessible to enterprises and businesses on a global scale. It simplifies the deployment of consensus and Remote Procedure Calls (RPC) nodes, removing the need for extensive technical expertise. This enhancement allows enterprises to seamlessly connect their decentralized applications (dApps) to the Solana blockchain, capitalizing on its high throughput and cost-efficient transaction capabilities.

Dan Albert of the Solana Foundation expressed his excitement about this development, emphasizing that it represents a significant step forward for the Solana ecosystem. This integration with AWS is expected to further solidify Solana’s position in the blockchain and cryptocurrency space.

SOL Price Surges to Its Highest Level in 14 Months After Solana Successfully Avoids FTX Unstaking
Sources:coingape

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