Solana (SOL) “FOMO Has Picked Up in a Big Way” – Santiment
After a better-than-expected rally since the start of the year, Solana (SOL) is trading at its multi-year high with crypto analytics platform Santiment rightly observing that the FOMO-Fear of Missing Out on SOL is now at a new high.
Solana (SOL) Price Shows Grit
Solana is regarded as one of the best blockchain protocols at launch as it showed the true potential that it has what it takes to truly dethrone Ethereum (ETH). The protocol and its native token SOL got rewarded for this potential with its price soaring to an All-Time High (ATH) of $260.06 on November 6, 2021.
The accompanying crypto winter did a lot of damage to Solana (SOL) price, a bearish situation that was compounded by the collapse of FTX Derivatives Exchange, a firm that has a sizable stake in Solana. The FTX saga and the accompanying selloff SOL dragged the valuation as low as $8.14 in the past year.
With Solana price now trading above the $60 threshold, Santiment said the positive sentiment among buyers is soaring. As showcased in a chart shared on X, the analytics firm said the positive sentiment spike from the SOL crowd has hit the largest surge since November last year.
With the accompanying FOMO, there is a likelihood that the price of SOL will continue to soar with the sole aim of paring off some of the 76.85% loss it needs to cover to retest its ATH. At the time of writing, Solana is changing hands at a price of $59.87, up by 0.63% in the past 24 hours. The trading volume is pegged at $1,739,677,004, ranking SOL as the fifth best token traded on exchanges.
Solana Fundamentals Drives Optimism
Solana prides itself as one of the fastest blockchain networks in terms of Time-to-Finality, a feature that drove many developers to build on it. While Solana is not without its challenges, especially as it relates to network outages, it is worth noting that its innovations far outweigh these challenges.
It is also worth noting that Solana is making a crucial pivot to hardware as marked by the launch of its blockchain-based mobile phone Saga earlier in the year. The ultimate goal for Solana is to grow as the Apple of Web3, an ambition that shows it has much more innovations in the works to roll out.
For its innovations and push, star trader, Ark Invest’s Cathie Wood has backed Solana to outshine Ethereum in the long term.
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