Solana Price Surges 88% Despite FTX Ties As Investors Bet on Its Future
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Solana (SOL) has seen a huge price surge lately, rising over 88% in the past 30 days. Experts say the rise makes sense despite its ties to the collapsed FTX.
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Solana aims to compete with Ethereum as a faster, cheaper network for blockchain apps and experiences. It has far lower fees than Ethereum.
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Major partnerships with Visa, Shopify, and developers have brought institutional interest and usage to Solana.
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Solana took a hit after FTX's collapse, but big players still see value. Recent collaborations with Shopify and Visa were bullish.
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A short squeeze occurred as traders exited short positions, expecting FTX fallout to hurt Solana. Its annual conference boosted prices after last year's plunge.