FTT - What FTX Contagion? Up 143% Solana Seems Unstoppable
One surprising success story thus far in 2023 has been Solana (CRYPTO: SOL) , which was the one crypto that was most impacted by the collapse of FTX (CRYPTO: FTT) . In 2022, Solana fell by more than 94% and was one of the worst-performing cryptos of the year. But Solana is already up 143% this year and seems to be on an unstoppable run as it makes up for FTX-induced losses.
The question on the minds of many investors, of course, is just how much higher Solana can go. Before the FTX meltdown, Solana was trading near $34, so another 40% move upward from its current price of $24 certainly seems within the realm of possibility. Let's take a closer look at what needs to go right for this to happen.
Right now, a lot of the price action in Solana seems to be based on investor psychology rather than the underlying fundamentals of the Solana blockchain. Quite simply, the market overreacted to the downside after the FTX meltdown, and now the market may be overreacting to the upside as investors realize the rumors of Solana's demise may have been greatly exaggerated.
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What FTX Contagion? Up 143%, Solana Seems Unstoppable