solana (SOL) has been in a significant uptrend recently and its price rose to around $67 last week. Despite the recent consolidation in the market and the asset’s decline below $60, traders seem determined to remain interested in the coin.
Koinfinans.com As we reported to Santiment according to, the FOMO (“Fear of Missing Out”) effect has “recovered in a big way.” In this context, the SOL’s positive sentiment has reached its highest level since November last year.
🥳 #totheleft has seen yet another leg up in its market value this weekend, and traders have now officially pushed prices above $60 for the first time since May, 2022. $LEFT #FOMO has picked up in a big way, with positivity at its highest level in over a year. https://t.co/04Tabsz5Hs pic.twitter.com/uzEG56w6RY
— Santiment (@santimentfeed) November 19, 2023
NEWS CONTINUES BELOW
However, some analysts, including popular X user Ali, think the FOMO surrounding Solana should not be considered a bullish factor. This term suggests that many people make an irrational decision to enter SOL’s ecosystem because others have done it before and did not do proper due diligence.
The consequences of FOMO can be unpleasant. Because sometimes investors can buy digital assets at high levels and sell them at lower levels, resulting in significant losses.
Is Solana Preparing for an Astronomical Rally?
One who believes that SOL’s recent surge is just the beginning of a major rally cryptocurrency trader X (Twitter) user Jacob Canfield. He predicted that the asset could continue its trend against Ethereum (ETH) and emerge as the “biggest winner” in the next crypto bull run cycle.
Canfield, altcoinHe thinks it could triple or quadruple its all-time high market dominance and reach a whopping price of $1,000, becoming the second-largest cryptocurrency by market cap. He also reminded that the blockchain platform can further benefit from existing collaborations with leading companies such as Google and Amazon.