Solana (SOL) Price Reaches Multi-Year High
After a strong rally since the beginning of the year, Solana (SOL) has reached a multi-year high, with cryptocurrency analytics platform Santiment observing that the Fear of Missing Out (FOMO) on Solana (SOL) is at a new high.
Solana (SOL) Shows Resilience
Solana (SOL) is considered one of the top blockchain protocols at launch, demonstrating its probability to challenge Ethereum (ETH). The protocol and its native token, SOL, reached an All-Time High (ATH) of $260.06 on November 6, 2021. Nonetheless, the price of Solana (SOL) plummeted during the cryptocurrency winter, compounded by the collapse of the FTX Derivatives Exchange, which holds a whole lot of stake in Solana.
Regardless of this, the price of Solana (SOL) is now trading over the $60 threshold, with a surge in positive sentiment between buyers, indicating probable for further growth.
FOMO Driving Solana (SOL) Price
Amid the Fear of Missing Out (FOMO), there is a possibility that the price of Solana (SOL) will continue to rise, aiming to recover some of the 76.85% loss required to retest its ATH. As of now, Solana (SOL) is currently worth $60.10, up by 5.27% in the past 24 hours, with a volume of trading of $2,128,968,786, making it the fifth best token traded on exchanges.
Optimism Driven by Solana (SOL) Fundamentals
Solana (SOL) is well-known for being one of the fastest blockchain networks in terms of Time-to-Finality, attracting developers to build on it regardless of challenges such as network outages. Regardless of these challenges, Solana’s innovations outweigh the setbacks. The protocol has likewise launched its blockchain-based mobile phone Saga, positioning itself to be the Apple of Web3.
Notably, star trader Cathie Wood has backed Solana (SOL) to outshine Ethereum (ETH) in the long term, reinforcing optimism for its future growth.
Hot Take: Solana (SOL) Poised for Continued Growth
As Solana (SOL) reaches a multi-year high and the FOMO drives positive sentiment, there is probable for the price of Solana (SOL) continuation to rise, aiming to recover its previous All-Time High. With strong fundamentals and support from key investors, Solana (SOL) is well-positioned for continued growth in the cryptocurrency market.
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