Analysts commented on the fate of Solana (SOL), which has risen more than 4 times since the beginning of the year.
In the past 1 month around 63% SOL, which has been on the rise, has increased its performance in the last 3 days. 17% took it back. While this decline brought to mind questions about whether the rising days of the SOL were over, remarkable answers came from experts.
YouHodler Markets Chief made a statement on the subject: Ruslan LienkhaSOL, which fell well below its value with the FTX collapse, is currently The rise in Bitcoin He stated that he kept up with:
Solana keeps up with Bitcoin’s rise. The recent rise looks more like a price recovery, as SOL has been undervalued for a long period of time. Solana suffered a dramatic drop in value after the FTX implosion, and the token missed the uptrend in the crypto market from the beginning of this year.
Former BitMex CEO Arthur HayesHe was among the names affected by the rise of the SOL in . Hayes dated 2 November in your post He stated that he bought some SOL.
Ryze Labs Co-Founder Matthew Graham said: Solana ecosystem Implying that it deserves much more than these prices, he emphasized that he does not see any slowdown in the upward momentum:
From day one, Solana set out on a mission to gain mindshare among developers who would launch unique platforms and products. The price movement reflects the work from engineering to community development that has made Solana a vibrant ecosystem full of useful products. I don’t see a slowdown in SOL’s upward momentum.
On the other hand, according to on-chain analysis platform CoinGlass November 1 about the day $10 million worth LEFT short The position was liquidated. This amount is the highest in the last 3 months short liquidation It was recorded as. Such large liquidations can often signal short-term tops or bottoms for the price.
Additionally, the rise in Solana price decentralized finance (DeFi) It did not keep track of the total amount of assets locked (TVL) on its platforms. DefiLlama two years ago, according to data 10 billion SOL network TVL in dollars today at $855 million positioning.
In addition, experts recently said that the US cryptocurrency exchange Coinbase factor may be behind the rise in Solana.
Positioned at the highest level of the last 14 months, SOL increased more than 4 times in 2023. According to CoinGecko data, in the last 24 hours %11th depreciating SOL, at the time of writing from $38.84 is being traded.