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 Solana's price is up 40% this week due to easing FTX-dump fears and growing Bitcoin ETF buzz, while SOL/USD technicals hint at more upside.
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 The <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Solana (SOL) has soared 40% this week to establish a new 2023 high at around $58.&nbsp;
 That is Solana's best weekly performance since January 2023.&nbsp;Many factors have contributed to the gains, including a general cryptocurrency market uptrend led by&nbsp;Bitcoin ETF euphoria and growing appetite for risk overall.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/83a8fa68eea0091917cf03a3b0fbca6f.webp">
 <figcaption style="text-align: center;">Solana (SOL) weekly price chart. Source: TradingView
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 <h2 id="ftx-dump-fears-fails-to-shake-solana-bulls">FTX-dump fears fails to shake Solana bulls</h2>
 Solana's rise coincides with the daily selling of 250,000-750,000 SOL tokens by FTX bankruptcy estate in the last two weeks.
 <blockquote class="twitter-tweet">
 FTX has been selling between 250k-700k $SOL every day for the last 2 weeks while price has either been going up or sideways. so far its been getting absorbed like a champ and at current rate their unlocked tokens should be depleted within a week. once this seller is gone i can… pic.twitter.com/AtnTqz3uxG— Bluntz (@Bluntz_Capital) November 9, 2023
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 The Delaware Bankruptcy Court approved the sale of 55.75 million SOL tokens in September 2023. The limited impact of these sales, due to some tokens being either vested or locked, and a weekly sale limit of $100 million, has transformed initial fears into investor enthusiasm.
 For instance, Solana-focused funds, one of the barometers to gauge institutional flows in the SOL market, witnessed inflows worth $10.80 million in the week ending Nov. 3, according to CoinShares.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/e00e5b21cc1388cbc98b8b3212ba6d21.webp">
 <figcaption style="text-align: center;">Institution net flows across crypto funds. Source: CoinShares
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 Bitcoin ETF euphoria is one of the primary reasons for the overall uptrend in cryptocurrency <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>s, led by Bitcoin's rise toward $38,000. Solana, however, has been the best-performer in the past 30 days.&nbsp;
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/3702ae1dd14cd9c03d7125fc8ce16368.webp">
 <figcaption style="text-align: center;">Top cryptos 7-day and 30-day performances. Source: Messari&nbsp;
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 <h2 id="solana-open-interest-pops-alongside-funding-rate">Solana open interest pops alongside funding rate&nbsp;</h2>
 Solana's futures open interest reached a significant level of around $772 million on Nov. 11, the highest since November 2021, when SOL's <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> had established its record high of $260.&nbsp;High open interest levels indicate greater interest and potentially greater liquidity in the market.​
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/87851c981794484d3c6d655505b4b60f.webp">
 <figcaption style="text-align: center;">Solana futures Open Interest. Source: Coinglass
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 Meanwhile, Solana's rising OI coincides with increasing funding rates, a fee paid by one side of the perpetual contracts to the other every 8 hours.&nbsp;A positive funding rate typically means that longs (buyers) are dominant in the market, i.e., they're paying shorts (sellers).
 Earlier this week, SOL's funding rate increased to 0.035% per eight hours. This funding rate represents a 0.735% weekly cost for leverage longs, suggesting strong bullish sentiment in the market.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/7e799cabc76e87e3dd5f24bea116471c.webp">
 <figcaption style="text-align: center;">Solana OI-weighted funding rate rate. Source: Coinglass
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 A rising OI and funding rate together hints at a higher appetite for leveraged longs among investors.
 Simply put, most derivatives traders anticipate the SOL price rally to continue further.
 <h2 id="sol-price-technical-breakout">SOL price technical breakout</h2>
 Solana's gains this week appears as part of a bullish breakout move. Notably, SOL's <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> broke above the horizontal trendline resistance of its ascending triangle channel two weeks ago.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/77f5ca47026fdf67215909bb7becd11a.webp">
 <figcaption style="text-align: center;">SOL/USD weekly price chart. Source: TradingView
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 If the ascending triangle bottom reversal plays out, the upside target for SOL <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> before the end of the year is at around $90, up 50% from current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> levels.
 Related:&nbsp;Is it altseason? Altcoin 30-day performance and total market cap flash bullish
 The bears, however, will pin their hopes on the weekly relative strength indicator (RSI), which is now at its most overbought level since September 2021.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/11/a96adb0a0ff986ae1bb55f56b7595951.webp" alt="" title="">
 <figcaption style="text-align: center;">SOL/USD weekly price chart. Source: TradingView
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 Therefore, the risk of a correction are high, with a correction toward the triangle's upper trendline near $30 on the table.
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-is-solana-price-up-this-week-tbt69960.html">https://thebittimes.com/why-is-solana-price-up-this-week-tbt69960.html</a>

Why is Solana price up this week?

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