• On a Year-To-Date (YTD) basis, SOL has increased by 448%.
  • The tremendous price increase in the last 24 hours does not mean that bulls are in danger. 

When the year began, almost anyone who publicly considered investing in Solana [SOL]  was tagged delusional by many market participants.

At that time, no one could fault the stance of the prophets of doom. One of the reasons was that the token, which was tipped as a strong competition to Ethereum [ETH], tumbled after the FTX exchange collapsed.

As a result, many opined that a recovery for SOL to 2021 levels when it tapped $250, would be impossible. Fast forward to the latter parts of 2023, Solana has outperformed all the coins in the top 10 including the king Bitcoin [BTC].

SOL leaves the market behind

But after it tapped $40, there were predictions that it was time for the price action to cool down. Unfortunately for the bears, that was not to be the case. To cut the story short, SOL jumped to $54 as the trading day of 10th November drew to a close.

According to Santiment, SOL’s price increase has resulted in a market admittance that the token does not need to correlate strongly with Bitcoin or Ethereum. Rather, it had the capability to carve its own path.

As a result of this, conversations around Solana continue to hit new peaks, as indicated by the social dominance. Similar to social dominance, the funding rate also jumped. This rise in the funding rate suggests a surge in the bullish sentiment of traders.

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