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- Solana (SOL) has seen a surge in positive market sentiment and social media activity, driving its price up.
- Rumours of a potential partnership with Apple and new projects on the Solana network are boosting investor interest.
Solana (SOL) is riding a wave of positive momentum, with the cryptocurrency’s performance over the past week marking it as one of the top market gainers. In a report from Santiment, the market sentiment of the blockchain has risen to a nine-month high due to positive investor sentiment and increased social media engagement.
Market data reveals that traders and investors are actively pushing Solana’s narrative in the cryptocurrency space. Santiment’s analysis reveals that SOL had 5.6 signals of positive sentiment for every mention of the coin on X (formerly Twitter), Reddit, or Telegram. Solana’s strong social media presence continues to help the coin stay bullish despite a mixed performance in the broader crypto market.
The previous week was quite bullish for Solana, and this trend persisted into this week as well. While Bitcoin and Ethereum have remained almost neutral in terms of crowd sentiment, SOL has seen a significant rise in positive sentiment, driving the price up.
Also, the Total Value Locked (TVL) of Solana has risen to $6.4 billion, the highest it has been since January 2022, based on data from DeFiLlama. In the last 24 hours, the trading volume at Solana-based DEX has surged past $2 billion, while Ethereum’s stands at a little over $1.4 billion.
Solana also recently overtook Ethereum in terms of daily transactional throughput. Solana saw a record $1.6 billion in transactions within one day, which is 2.1 times more than Ethereum with $751 million.
Apple Rumors and New Projects Fuel Market Interest
The surge in Solana’s price can be partially attributed to unconfirmed rumours linking the blockchain to Apple, the global tech giant. While Apple and Solana have not provided comments on these allegations, speculations continued to enhance the visibility of the coin among potential investors.
In addition to the recent rising speculations. New projects like Pump.fun, made for professional traders, have onboarded many users to the Solana ecosystem.
This market hype has led to better performance, with SOL being one of the best-performing assets over the weekend. Currently, Solana is trading at $166, which is a 1.2% upsurge in the last 24 hours. It also registered a weekly rise of 7.64%.
Besides the current positive trend, expectations for the future growth of Solana remain positive. According to a research note from Standard Chartered, SOL could increase in value by as much as 400% by 2025.
Geoffrey Kendrick, the head of digital assets at the bank, said that this expectation stems from the belief that there will be higher throughput on the Solana network, especially if regulatory support improves.
Kendrick’s analysis also reveals that the asset is overpriced, meaning that investors are anticipating future growth. However, he also notes that Solana’s valuation could be more reasonable if the throughput of the network increased between 100 and 400 times in the next few years. This, according to Kendrick, could be more achievable under a more crypto-friendly political administration.
