Solana (SOL), Serum (SRM), and the FTX Token (FTT) have been on the forefront of the crypto rally. Despite all of those coins being linked to the FTX crypto exchange and suffering dearly for it when the corporate filed for bankruptcy, they’ve been in a position to stage a large reversal. These three coins feature at the highest of cryptocurrencies with essentially the most market gains without delay, but why?

Serum, Solana, And FTT Take Front And Center

For the past week, nearly all of the crypto market has been rallying, following within the footsteps of bitcoin which had reached levels not seen since before the FTX crash. This green movement would proceed into the week but some cryptocurrencies would take it further. Three cryptocurrencies particularly, namely Serum, FTT, and Solana, all linked to the now-bankrupt FTX exchange, saw significant gains.

Serum (SRM), which FTX holds a comparatively small amount of in comparison with its other token holdings, has had an amazing run this past week. The cryptocurrency is one in every of the few assets which have been in a position to record triple-digits gains during this time. SRM’s price is already up by over 179% within the last 7 days, pushing its price up above $0.65 at one point, a return to its pre-FTX collapse levels. It is usually one in every of the highest trending coins on Coinmarketcap.

Following within the footsteps of Serum is the FTT Token, FTX’s official token. FTT had declined below $1 following the bankruptcy filing, severely impacting its standing within the crypto market. Nevertheless, within the last week, it has emerged as among the finest performers. Its price is up over 170% to be trading above $2.5.

FTT Token returns to pre-FTX collapse levels | Source: FTTBUSD on TradingView.com

Last but not least is Solana. Now, Solana’s story goes somewhat further back in comparison with the others on this report but it surely has been an amazing performer. SOL first began gaining more prominence following the recognition of the BONK meme coin. However it carried this performance into the mini bull run and has been performing well ever since.

SOL’s price is up greater than 41% within the last week, much lower than the SRM and FTT. However it becomes much more impressive when it’s taken into consideration that SOL was trading below $10 lower than a month ago, and is currently sitting above $23 after peaking at $27.

What Is Driving These FTX-Related Tokens?

At once, there is no such thing as a obvious driver behind the recovery of those cryptocurrencies besides the final market bull run. One thing that has given more exposure to FTX, on the whole, is former CEO of FTX US, Brett Harrison, taking to Twitter to share his story about his time on the crypto exchange.

Despite the final tone of the post is negative, it has not likely affected the performance of those coins. Serum is barely recording small losses of lower than 2% within the last 24 hours because the post was made, while Solana is firmly within the green with 3.41% gains. FTT is seeing the most important losses within the one-day period at -2.16%.

The query of if these coins will proceed to rally depends entirely in the marketplace movement. Since there is no such thing as a event that’s driving any of their prices, it comes all the way down to just the final altcoin market following closely behind bitcoin during this time.

If there’s a pullback in the value of bitcoin, a pullback amongst these altcoins needs to be expected as well.