Solana (SOL) is among the few altcoins that market watchers have been extremely optimistic about since the past few months. The asset’s phenomenal performance this year has boosted its credibility so much that SOL has easily become one of the most talked about altcoins in the past few months.
In October, We May Witness SOL Break The $250 Level For The First Time
A quick look at the asset’s impressive history over the past 9 months shows that Solana (SOL) has seen a price increase of over 7800 percent since January, when the price was still under $2. If we look at these numbers; It’s no surprise that SOL became the second best performing DeFi token in the first quarter. Insatiable for success, Solana has lost some of its gains in the past months and is changing hands at $157 at the time of writing.
As Analyst John Wick commented on Solana’s price recently, bullish price action continues for SOL. According to Wick, Solana has bottomed out at $140, and new highs await the altcoin after that. According to the analyst’s comments; Fundamentals of SOL’s graph; It could allow the price of the cryptocurrency to break the $170 level, thus bringing it even closer to $200.
“We stay green while we wait for the peak point and make a good bounce off support. Fireworks on SOL in the next rise of BTC, wait.”
Given the consistency of SOL bulls over the past months, the chances of SOL breaking $250 or at least attempting to reach this price mark are quite high. Besides a very promising technical picture, Solana also presents a very satisfactory picture in terms of fundamentals.
Due to the institutional increase in adoption of the Solana-based product, leading investment firms such as Grayscale have included SOL in their Digital Large Cap Fund, which currently has over $400 million in funding. The asset is on the Grayscale investment list for the first time. Grayscale sold proportionate amounts of existing components in the fund and used the cash proceeds to purchase two altcoins, including SOL. As a result of this development, Grayscale will offer this altcoin to a wide range of investors from both retail and institutional investors, it is thought that this will be a big milestone for SOL and will positively affect its price.
“In accordance with the construction criteria, we adjusted the Grayscale Digital Large Cap Fund’s portfolio by selling certain quantities of existing components by their respective weights and used the cash proceeds to purchase Solana and Uniswap.”
Solana, one of the few blockchains designed to provide greater benefits beyond the typical peer-to-peer money system; Along with Cardano and Chainlink, it has always been called an Ethereum killer. But right now, Solana seems to be the most promising “Ethereum killer” in existence. Even considering the price performance, SOL ranks first in terms of price value and the excellent increase it experienced. However, it is thought that the asset will need more time to increase its market capitalization in order to equalize or gain an edge over its competitors.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.