 Hello and welcome to Make Money Territory. In this video we will be talking about the latest update on Solana Crypto. Solana, like many cryptocurrency majors, topped out earlier this week after a persistent rally from mid-October. The crypto market was significantly overbought and needed to cool off before the resumption of the uptrend. Over the past 24 hours, Solana price gained 2% to trade at $75 on Friday. The smart contracts token is up 9.2% in the last week, 28% in a fortnight, and 32% in a month, not to mention a 460% increase in 12 months. Key catalysts have contributed to the soaring Solana price resulting in euphoria among investors. As traders FOMO and DCA into SOL dips, the uptrend is propped to keep going. Although resistance at $80 may lead to a brief sell-off due to the format of a short-term double-top pattern, sweeping through liquidity allows already sidelined investors to seek exposure, which eventually drives SOL towards $100. Solana slid below the $70 support mark earlier in the week, but support at $65 coupled with the Federal Reserve keeping interest rates unchanged and projecting three rate cuts in 2024 triggered a stronger rebound which narrowed the gap to $80. Risk assets like Bitcoin and Solana benefit the most when fixed income returns drop. Coinbase listing Solana SPL tokens amid airdrop rumors is another catalyst keeping SOL not only buoyant but also bullish. The network is experiencing a surge in the demand for SPL tokens thanks to their integration with two leading exchanges Binance and Coinbase. Gido, Gido, and Bonk, Bonk are some of the ecosystem's SLP tokens listed by Coinbase on December 7th and 14 respectively. The decentralized finance, DeFi, and non-fungible token NFT markets in the Solana ecosystem have also been growing steadily with data revealing a 12% increase in transactions in just 7 days which towers above other protocols like Ethereum with a 1% drop and BVN chain with a 4% growth. The total value locked, TVL, which measures the dollar value of assets locked in Solana smart contracts recently crossed the $1 billion mark from October 1, 326 million. This persistent increase in the TVL implies that investors have a long-term outlook for Solana. As TVL rises, selling pressure in the spot market drops due to reduced supply which leads to SOL price rallying to higher levels. The technical outlook on the four-hour chart is mainly bullish and accentuated by a buy signal from the moving average convergence divergence MACID indicator. The resistance at $1.80 was expected with Solana likely to retrace for more liquidity before breaking out gain. Dips in Solana are proving to be very profitable considering the token is trading at $1.78 up from $1.60 on December 1st. Traders looking forward to entering long positions may do so as soon as resistance at $80 is defeated and successfully retested. Although other hurdles are likely to come up like the region between $1.88 and $1.90, with the support Solana is getting from the community and the crypto industry, the blast off past $1.00 is highly likely. This hike in the value of the FTX estates crypto holdings would catapult its recovery into 100% repay, leaving distressed firms scrambling to buy claims at $0.60, $0.70 on the dollar, according to Thomas Braziel, CEO of 117 partners. The market for claims has gone red hot. Everything that was off the table is now on the table in terms of issues with claims such as KYCC slash AML being not verified. In the beginning it was super picky, now it's whatever we can touch that we can figure out, we will do. Vladimir Gelosovchik, founder and manager of Cherokee Acquisition, agreed that competition for FTX claims has been exceptionally keen lately. The dramatic price increase is driven by Solana and anticipation of the amended plan that should be filed by December 16th. A savvy Solana trader has turned a $3,000 investment into an impressive $350,000 in just one month. This trading journey started with a strategic move into the dollar MIRO token. The trader initially spent $911 USDC to acquire $11.4 million MIRO on November 9th. This position was partially liquidated when $9.8 million MIRO were sold for $157,984 USDC leading to a substantial profit. As of now, the trader still holds $1.43 million MIRO, valued at approximately $26,000, with the total profit from this venture exceeding an impressive $183,000, a return of 201 times the original investment. The trader also saw remarkable gains with dollar WIF. On November 25th, an investment of $20 SOL was made to purchase 8.18 million YEF. This investment bore fruit when $7.93 million WIF were sold for $1,887 SOL. This trade alone generated a profit of $1,947 SOL, roughly $139,000, marking a 97-fold increase. Currently, the trader maintains a holding of $250,000 YF, estimated to be worth around $80 SOL. Another successful endeavor involved the dollar corn token. On November 17th, the trader invested $10 SOL in $9.26 billion dollar corn and later sold $1.26 billion dollar corn for $60.86 SOL. As of the latest update, the trader has $8 billion dollar corn remaining, valued at approximately $297 SOL, with a total profit of $348 SOL, or about $25,000, a 35-fold increase on the initial investment. While most altcoins are experiencing small losses or gains, SOL continues to rise, perhaps fueled by the excitement of the new meme coin phenomenon, BUNK. It would not be wrong to say that Solana-based meme coin BUNK is the best performing coin in recent times. There has been a massive 100% increase in the last 24 hours alone, and the asset has reached an all-time high. As expected, this also brought about a price increase for SOL. The token is up over 8% in the last 24 hours and was trading close to $80 at the time of this video. Solana is a highly functional open source project that banks on blockchain technology's permissionless nature to provide decentralized finance, DeFi solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland. To learn more about this project, check out our deep dive of Solana. The Solana Protocol is designed to facilitate decentralized app, DAP creation. It aims to improve scalability by introducing a proof-of-history, POH, consensus combined with the underlying proof-of-stake, POS consensus of the blockchain. Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.