Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Solana Prices Surge Over 35% In Under 48 Hours As Markets Recover
    Cryptocurrency

    Solana Prices Surge Over 35% In Under 48 Hours As Markets Recover

    August 7, 20243 Mins Read


    Solana prices have surged over the last few days as risk assets bounced back.

    getty

    Solana’s SOL token has rallied sharply in the last few days, climbing to nearly $150 this evening as global markets recovered from their recent fear-driven sell-off.

    The digital currency, which serves as the native token of the high-performance Solana blockchain, reached as much as $149.61 around 6 p.m. EST, according to Coinbase data provided by TradingView.

    At this point, the SOL token, which rallied along with many cryptocurrencies, was up roughly 35.8% after falling to nearly $110.00 yesterday morning, additional Coinbase figures from TradingView reveal.

    Global Markets Bounce Back

    These digital assets, along with major stock indexes like the S&P 500 and Dow Jones Industrial Average, bounced back today after experiencing sharp losses over the weekend and early yesterday morning.

    When explaining these latest movements in Solana’s SOL, as well as other digital currencies and stocks, several analysts stated that markets simply became oversold and then experienced a natural recovery.

    Tim Enneking, managing partner of Psalion, emphasized that the latest market developments were driven largely by sharp changes in market sentiment.

    “This pricing roller coaster, of which Solana is only one, albeit prominent example, is due purely to fiat markets acting with irrational fear one day (S&P down 3% yesterday) and irrational relief the next (S&P up 2.4% at one point today),” he said via emailed comments.

    “Crypto, unfortunately, front ran the former trend (BTC down over 15%, ETH down over 20% and crypto markets generally crushed on Sunday), and, fortunately, also front ran the recovery (with, for example, BTC up 10% yesterday while fiat stock markets were still getting hammered),” Enneking noted.

    Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, also spoke to more widespread trends in digital currencies.

    “I’m not seeing any specific Solana news that is driving the rally. I believe Solana is most likely experiencing a recovery with the broader crypto markets,” he stated via email.

    Solana’s Bullish Case

    Regardless of how much volatility the SOL token has experienced lately, it is benefiting from multiple bullish factors, a situation that several analysts pointed out.

    Pat Doyle, blockchain researcher for digital asset data provider Amberdata, emphasized these variables.

    “Despite the recent volatility, Solana continues to demonstrate robust fundamentals,” he stated via emailed comments.

    “Key metrics such as the growth in active users, increased dex volumes, and overall ecosystem expansion reflect the underlying strength of the platform,” Doyle noted.

    “In comparison to ETH, Solana remains undervalued. Looking at their respective market caps, Solana’s market cap is currently at 22% of Ethereum’s,” he added, citing data recently pulled from CoinGecko.

    “Given the ongoing growth and adoption within the Solana ecosystem, I anticipate this percentage to increase over time, indicating a potential for significant value appreciation relative to ETH,” Doyle predicted.

    Seth Ginns, managing partner and head of liquid investments at CoinFund, also spoke to the many bullish factors surrounding the cryptocurrency.

    “Solana is benefiting from a number of tailwinds. Onchain activity has been strong, and there’s an expectation for new features and upgrades to ship between now and the big Solana developer conference Breakpoint next month,” he stated via email.

    “It has also graduated into the realm of megacaps that have the confidence of tradfi, so it trades as a lower-risk asset that still has a lot of upside potential as its ecosystem expands,” Ginns added.

    Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Russia Developing Cross-Border Digital Payment with BRICS

    Cryptocurrency

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    Cryptocurrency

    Banks must build trust to thrive in digital age 

    Cryptocurrency

    Could This Surprising Cryptocurrency Become the Next XRP?

    Cryptocurrency

    Hackers say they wiped out $90M from Iran cryptocurrency exchange

    Cryptocurrency

    Forging a Path for Digital Finance

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Stock Market

    Top Canadian Stocks to Buy Right Now With $2,000

    Commodities

    USDA Highlights Success of Partnerships for Climate-Smart Commodities

    Fintech

    Nutmeg State Financial Credit Union Launches Alkami as Digital Banking Partner for Retail Banking Capabilities – FF News

    Editors Picks

    Regulatory Ramblings: Episode 49 – Digital Currencies and Public Law with Andrew Mazen Dahdal | Thomas Fox – Compliance Evangelist

    July 19, 2024

    IRS increases 401(k), other retirement plan contribution limits for 2025 – Fox Business

    November 1, 2024

    The Smartest Dividend Stocks in Warren Buffett’s Portfolio to Buy With $5,000 Right Now

    May 3, 2025

    USS San Diego Has Successfully Implemented Metal 3D Printing While Afloat

    October 30, 2024
    What's Hot

    Caitlin Clark’s Reaction Goes Viral After She Fouled Kahleah Copper During Intense Fever-Mercury Game

    August 17, 2024

    Capstone Copper (TSE:CS) Given New C$14.00 Price Target at Jefferies Financial Group

    July 13, 2024

    Transforming India’s agricultural insurance for a resilient future

    April 26, 2025
    Our Picks

    Govt formulating law to protect agricultural land: Adviser Adilur

    May 10, 2025

    As gold marches on, Thai investors told to watch markets closely

    February 6, 2025

    Matières premières : « L’or profite du désordre »

    March 22, 2025
    Weekly Top

    Gold Cup | Jesse Marsch minimise la dernière procédure disciplinaire de la CONCACAF

    June 20, 2025

    Le président d’Ecofin Global Utilities annoncé son départ lors de la prochaine assemblée générale

    June 20, 2025

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    June 20, 2025
    Editor's Pick

    FedNow hits 900 participant institutions one year after launch

    August 15, 2024

    Maker of UK Coins Starts Turning E-waste Into Gold

    August 8, 2024

    A Pivotal Case Shaping Cryptocurrency Regulation

    June 16, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.