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.
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.
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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.