• Solana (SOL) has recently experienced a strong price surge of 35% over the last three weeks, leaving analysts puzzled as to the cause.
• Santiment suggests that increased social volume on Reddit and potential speculation in Solana’s Non-Fungible Token (NFT) community could be contributing factors, but trading volume has yet to show any significant increase.
• Despite recent positive momentum, Solana is still 90% down from where it was in 2022.
Solana Surges 35% Over Three Weeks: Analysts Puzzled
Solana (SOL) has recently made headlines with a significant price surge of 35%, puzzling analysts and investors alike. Crypto market intelligence firm Santiment has looked at several factors that could have contributed to the dynamic.
Recent Price Movements Put Surge into Perspective
In the volatile crypto world, SOL jumped 35% over the previous three weeks, recovering from its low of $13.9 on June 10 and currently trading at $20. While Santiment did not pinpoint a specific cause for the recovery, they suggested increased social volume on Reddit and potential speculation in Solana’s Non-Fungible Token (NFT) community as contributing factors; however, trading volume has yet to show any significant increase. Additionally, they noted a decline in Solana’s social dominance since the beginning of the year.
June Drop Following Regulatory Issues
The uptick follows a major drop in June after US Securities and Exchange Commission (SEC) filed suit against Binance labeling these tokens securities; this led multiple mainstream trading platforms such as Robinhood to delist Solana for its US users. Despite this news, Solana managed to bounce back by early July, recovering all its losses from then onwards.
Still Down Significantly From Last Year
Despite recent positive momentum, SOL is still 90% down from where it was in 2022. This indicates that other factors than those mentioned by Santiment could drive the price surge, including regulatory and technical developments for the network.
Solana’s recent upswing signals its recovery from a major drop in June following regulatory issues with Binance; despite this news however it managed to bounce back recovering all its losses by early July while still being 90% down from last year’s prices due to other possible drivers such as regulatory or technical developments for their network