Solana's SOL Rallies 20% in a Day, Erasing Woes of Past 18 Months

The Solana token's massive rally this year increases the odds that FTX customers will recoup all their lost money.

AccessTimeIconNov 10, 2023 at 7:13 p.m. UTC
Updated Nov 13, 2023 at 4:17 p.m. UTC

Solana's native token SOL has rallied 20% in the last 24 hours, continuing a three-week upswing that erased the asset's yearly losses – and then some.

The token was trading hands near $54 at press time according to CoinDesk market data. It had last held that level in the weeks following Terra Luna's market-shattering collapse in May 2022.

The price surge comes on the heels of Solana's annual conference and in spite of market jitters over going-on at FTX Group, a major holder of the SOL token. That bankrupt company has sent mixed messages about what it plans to do with its sizable stake.

SOL's price jump could prove to be a win for the many creditors of FTX. The asset is now trading in a range that will make customers of the crypto exchange whole, according to Thomas Braziel, the CEO of 117 Partners, a company that closely follows the distressed asset markets. Sam Bankman-Fried was just convicted for stealing that customer money.

Of course, that would require SOL to at the very least hold this level for possibly years. Much of FTX's SOL holdings are locked up until 2027 or later.

Edited by Nick Baker.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.