Solana Enters Top 10, Analyst Says $SOL Is ‘So Hot Because It Passed the Moon on Its Way to the Sun’

Solana Enters Top 10, Analyst Says $SOL Is ‘So Hot Because It Passed the Moon on Its Way to the Sun’

August 16, 2021

On Monday (August 16), just like yesterday, Solana ($SOL) is dazzling the crypto community with another amazing performance that has helped it (for the first time) to become the 10th most valuable crypto asset by market cap.

$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.

$SOL’s performance over past 48 hours has been sensational. Let’s take a look at this 5-day SOL-USD price chart (for crypto exchange FTX) from TradingView:

As you can see, on crypto exchange FTX, at 13:30 on Saturday (August 14), $SOL was trading at $43.5625. In the 48 hours that have passed since then, the $SOL price has risen to $63.4175 (i.e. as of 13:30 UTC on August 16), which is a gain of 45.57%. As for the past 24-hour period, SOL-USD is up 35.69%.

As the result of this highly impressive 48 hours of price action, Solana managed to set a new all-time high of $65.60 (at 13:20 UTC on August 16), smashing the previous all-time high of nearly $56 that was set on May 18, thereby reaching a market cap of around $18 billion, which has allowed to enter a special place: “the top 10 most valuable (by market cap)” club.

Admission to this club has several benefits, the most important of which is much greater visibility to both institutional and retail investors, which should help to boost the $SOL price even further, and possibly project it into the top 5, just as crypto investor Adam Cochran explained predicted back on April 22.

SOL’s amazing performance as an asset — up 3337% so far in 2021 — is not going unnoticed. Earlier today, pseudonymous crypto influencer “Coin Bureau” (“@coinbureau” on Twitter) wrote:

Another prominent crypto analyst similarly impressed by Solana’s price action is Scott Melker (aka “The Wolf of all Streets”):

Based on social media analytics data from LunarCRUSH, currently, Solana has the highest sentiment rank:

And data from crypto analytics platform CryptoRank shows that the rest of the tokens in the Solana ecosystem, such as Serum ($SRM) and Radium ($RAY) are doing great too:

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Image by “Pexels” via Pixabay

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