On Saturday (August 28), as $SOL continues its relentless march toward the $100 level, its price action continues to dazzle both analysts and investors. And as its market cap keeps increasing, $SOL keeps climbing higher in the market cap table.
$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.
According to data by TradingView, on crypto exchange FTX, the $SOL price set yet another new all-time high at 16:13 UTC today (August 28), hitting $96.3625, which is less than 4% from the psychologically important $100 level. Currently (as 17:35 UTC on August 28), SOL-USD is trading at $95.5175, up 12.34% in the past 24-hour period, which is pretty good considering that $BTC and $ETH are only up 1.44% and 0.47% respectively.
This helped $SOL’s market cap to reach around $27.8 billion, thereby making it the eight-most valuable cryptoasset by market cap.
However, if you want to really understand why almost everyone in the crypto community is in awe of how $SOL is performing these days, just take a look at the one-month SOL-USD and SOL-BTC price charts.
Messari research analyst Ryan Watkins reminded everyone earlier today that $SOL has increased in value roughly 31X since January 8-9, when FTX Co-Founder and CEO Sam Bankman-Fried expressed how bullish he was on $SOL (when it was possible to buy $SOL for around $3).
One popular crypto YouTuber told her over 160K Twitter followers that she believes not only will $SOL reach $100 but that she expects it eventually to hit $1000.
Another popular crypto analyst impressed with $SOL was Josh Rager.
Pseudonymous crypto influencer “Bluntz” seems confident that based on his technical analysis $SOL can easily go to $200.
Pseudonymous crypto analyst “The Crypto Dog” thinks that $SOL’s bull run has staying power since Solana’s ecosystem is still very young.
And finally, Matt Ballensweig, Global head of digital asset lending and financing at Genesis, who seems to be another fan os Solana, said yesterday (August 27) that when you consider that $SOL’s market cap is still only a small fraction of $ETH’s market cap, $SOL looks undervalued even at its current price levels.
At the time of writing (i.e. as of 18:25 UTC on August 28), Solana’s market cap is only 7.4% of Ethereum’s market cap.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Image by “Liza” via Pixabay
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