Solana (SOL) has experienced a significant increase in price, rising nearly 10% in the past 24 hours. This surge can be attributed to positive developments such as the optimism surrounding a Bitcoin spot ETF and the news that the bankrupt crypto exchange FTX has staked $121 million worth of SOL tokens, alleviating concerns about token sales in the near future. The FTX estate has staked 5.5 million SOL tokens, valued at $122 million. Solana offers attractive staking yields of around 7%, which is double the yield of staking Ether (ETH). The FTX estate owns over $1 billion in SOL tokens, but most of them are vested over the next 5 years, eliminating the possibility of mass sales that could lead to a price crash. The recent stake of $121 million tokens suggests that the estate does not plan to sell them in the near term, contributing to the cryptocurrency's outperformance. The technical outlook for Solana appears positive, with the recent rally pushing the price above its major moving averages. If SOL can surpass its August/September highs, it could rally towards yearly highs at $32, potentially resulting in gains of around 35%. The cryptocurrency's strong long-term uptrend from the 2022 lows indicates that the recent rally may have further momentum. However, it's important to note that Solana is classified as a security by the SEC, presenting a significant risk. For investors seeking higher probabilities of near-term gains, participating in crypto presales of promising projects is an alternative high-risk-high-reward investment strategy. These presales often offer tokens at lower prices and have a history of delivering substantial returns. It's crucial to conduct thorough research and consider the risks associated with investing in cryptocurrencies.
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