Solana Prices Rally As Market Sentiment Grows More Bullish

29 November 2023

in Solano

Reading Time: 3 mins read

Solana prices have climbed lately.

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Solana prices experienced some notable gains today, pushing higher as stronger investor sentiment fueled gains.

The SOL token, which is the native asset of the high-performance Solana blockchain platform, reached $58.68 tonight, CoinMarketCap data reveals.

Solana Treasury Firms Boost Holdings to 6.5M SOL as Upexi Posts 126% Surge – Yahoo Finance

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Solana Treasury Firms Lift to 6.5M SOL; Upexi Up 126% – Cryptonews

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At this point, the digital currency was up more than 8% from the intraday low of $54.15 attained earlier this morning, additional CoinMarketCap figures show.

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When explaining these latest price movements, analysts cited a range of factors.

Tim Enneking, managing director of Digital Capital Management, stated that the recent price rally “appears to have two drivers: a post-FTX ‘relief rally’ due to the FTX relationship risk not being existential combined with some solid technical progress on the chain (mainly reduced node hardware requirements and ZK-compatibility)” through e-mailed comments.

Marouane Garcon, cofounder of The Real-World Asset Exchange, a perpetual futures exchange, offered a different point of view.

“The recent price surge of cryptocurrencies like Bitcoin, Dogecoin, and Solana can be attributed to a steady influx of capital into the crypto space,” he stated via e-mail.

“Bitcoin dominance specifically has been rising, indicating investor preference for the more talked about cryptocurrency. With the longest streak of asset inflows in nearly two years, there seems to be renewed momentum and greater liquidity across crypto markets,” Garcon stated.

Aaron Golbin, Founding Partner and Head of Accelerators and Incubators at LvlUp Ventures, also offered an industry-wide view, supplying input through LinkedIn direct message.

“I think that are a few factors which caused the recent pushes centered around time of year generally having a more bullish orientation, underlying economic concerns very slightly dissipating due to talks of a soft landing being a real possibility, and the general excitement and developments in the crypto and web3 infrastructure and product development,” he stated.

“We’re seeing a continuation despite poor market conditions for VC’s in crypto startups despite billions lower funding over the last year. This shows a clear continued positive outlook long-term on products build on crypto and blockchain.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

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I am a financial writer and editor with strong knowledge of asset markets and investing concepts. I have worked for financial institutions including State Street, Moody’s Analytics and Citizens Commercial Banking. An author of more than 1,000 publications, my work has appeared in mediums such as Fortune, Business Insider, Washington Post, CoinDesk and Investopedia. I created all the industrial finance training for a company with more than 300 people. I have spoken at industry events across the world and delivered speeches on financial literacy for Mensa and Boston Rotaract. I currently hold bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.