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    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.

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    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.



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