Solana (SOL) price’s recent rally gained momentum on Thursday, propelled by a broad bullish sentiment in the crypto market but also by optimism about a possible revival of bankrupt exchange FTX, which was an early investor of the token.
Solana price rallies by 11% in a day as SEC chair Gensler gives advice on how FTX could be revived. Solana price has surged 24% in the past week, bringing the price closer to the $50 mark, the highest level since May 2022. The FTX wallet has been emptying its holdings, selling between 250k to 750k SOL every day for the past two weeks. The US Securities and Exchange Commission Chair Gary Gensler provided insight on FTX revival, stating that the responsible entity should “do it within the law”.
” Earlier last week, Bankman-Fried was found guilty on all counts of criminal charges placed against him by the US court, including fraud and money laundering. His sentencing remains due at the time of writing. On the other hand, FTX has been emptying the SOL it recently unlocked by selling between 250,000 to 750,000 SOL every day. At the time of writing, the wallet was emptied out, with the latest and final transaction of 21,759.99 SOL taking place on Thursday.
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