Solana's Native Token SOL Rallies 20% in 24 Hours, Erases Yearly Losses

Solana's native token SOL has experienced a 20% surge in the past 24 hours, extending its three-week upward trend that has wiped out its yearly losses. The token is currently trading at around $54, a level it last reached in the aftermath of Terra Luna's market collapse in May 2022. Despite concerns over FTX Group's actions, a major holder of the SOL token, SOL's price has risen following Solana's annual conference. The increase in price could benefit FTX's creditors, but it remains to be seen if SOL can maintain this level for years, as much of FTX's SOL holdings are locked up until 2027 or later.