Solana's Price Skyrockets Despite FTX Troubles

The price of Solana (SOL) has surged 40% this week, reaching a new high for 2023. Several factors have contributed to this increase, including the overall uptrend in the cryptocurrency market driven by Bitcoin ETF excitement and a growing appetite for risk. Despite concerns about the daily selling of SOL tokens by FTX bankruptcy estate, the limited impact of these sales and the weekly sale limit have transformed initial fears into investor enthusiasm. Solana's rising open interest and funding rates indicate a higher interest in leveraged long positions, suggesting a continued rally in SOL's price. However, there is a risk of a correction due to the overbought level of the relative strength indicator.