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What is driving the SOL rally as Solana price reaches a new 2023 high?

What is driving the SOL rally as Solana price reaches a new 2023 high?


– SOL (SOL) experienced a 22% surge, reaching its highest price since May 2022.

– The surge occurred despite the continuous selling of SOL tokens by FTX’s bankruptcy estate.

– Investor enthusiasm may be due to the limited impact of the token sales and the upcoming depletion of unlocked tokens.

– SOL’s resilience during the token dump is impressive, according to trader Bluntz.

– SOL’s futures open interest has reached its highest level since November 2021.

– The funding rate for leverage longs is currently at 0.5%, indicating bullish momentum.

– Growth in deposits and usage of DApps within the Solana ecosystem suggests a positive outlook.

– Solana’s total value locked (TVL) and DApps deposits have seen increases, indicating a potential recovery for the network.

– Solana now ranks as the fourth-largest blockchain in DeFi TVL, with a 28% growth in active addresses.

– SOL’s market capitalization has surpassed Polygon’s by nearly threefold, raising questions about sustainability.

– Solana’s accumulated 30-day fees are lower compared to BNB Chain, suggesting limited room for further upside.

Headline: SOL Hits Highest Price Since May 2022, Driven by DApp Use and Other Factors

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