What drove Solana’s recent price surge?
Solana (SOL), renowned for its rapid transaction speeds, achieved a notable milestone this week, hitting a 22-month high of $137 amidst a broader cryptocurrency market rally. Its remarkable performance includes a substantial 28% increase over the past week, propelling its price to its highest level since April 2022. Over the past year, SOL’s price has surged impressively, recording a staggering 480% growth.
How did recent network issues impact investor sentiment?
Despite Solana’s impressive price surge, investor sentiment has been influenced by recent network issues. Solana-focused investment products witnessed approximately $3 million of outflows in a week, following around $1.6 million of outflows in the previous week. This movement suggests a shift away from Solana following the network’s recent outage earlier this month, which saw the platform offline for about five hours, marking its first major outage of the year.
What are the predictions for Solana’s future amidst recovery efforts?
Despite the recent network challenges, notable crypto strategist Inmortal has forecasted an extraordinary rise in Solana’s value. With a vision shared with over 207K followers on the social media platform X, Inmortal predicts a remarkable increase of over 300% in Solana’s valuation by the year 2025. Furthermore, Solana’s recovery from the collapse of the FTX exchange, a major supporter of its ecosystem, has been evident. Despite the setback, Solana’s decentralized finance ecosystem has shown resilience, with its total value locked (TVL) surging to over $2.5 billion, a significant increase from $230 million at the beginning of 2023.
