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Solana (SOL), with its current price action, can be said to have changed the “gold standard” in the altcoin world. At the time of writing, Solana is up 17.88% to $62.07, a clear case of decoupling from Bitcoin’s growth. This price increase, which comes after a 12.65% increase in trading volume to $3,355,376,632, comes at a time when BTC and other altcoins are struggling to keep their prices stable.
While Solana shrugged off the impact of the FTX saga a few weeks ago when its price retested pre-FTX bankruptcy levels, current outlook shows its price has even widened, hitting a new 18-month high.
It’s still unclear what the current source of optimism is in the Solana ecosystem, but we’ve seen a spanning renewal, with impacts seen on Grayscale Trust adoption, the protocol’s increased DeFi volume, as well as its rise in spot forex trading.
Granted, Solana deserves all the positive optics it’s getting today, as it spent the better part of a year building its ecosystem and adding value that users can actually keep.
Solana (SOL) Price Set for New Discovery
Now that Solan (SOL) has outperformed itself so far this year, it has effectively entered a price discovery phase to erase most of the 76.24% loss the coin is harboring to surpass its figure. highest of all time (ATH). of $260.
With the new targets defined, there is a limited possibility that the fear of liquidation that arises with the sale of FTX assets will have an impact on Solana’s price stability in the future. With the protocol rising 45% in the last seven days and 173% in the last month, there is a consensus that its biggest payday of the year is yet to come.
