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Solana's token has surged by 350% in the past year, partly attributed to several large token airdrops.
Despite a network outage on February 6, Solana continued to rise, gaining 20% since then.
Analysts and experts share their insights into what drives Solana in 2024.
There have been some fluctuations, but Solana has risen by 390% in the past year.
Its $4.9 billion NFT market is approaching competitors like Ethereum in terms of transaction volume.
Despite some glitches, including a several-hour network outage on February 6, its SOL token has rebounded.
However, Solana has failed to keep pace with the surges in Ethereum and Bitcoin prices, maintaining relative stability since rising to $103 after the interruption.
Here are insights from five analysts on the current state of Solana:
1. Max Shannon from CoinShares: Solana remains a cryptocurrency favorite despite setbacks in early February. Successful airdrops, improvements to network redundancy, and a hopeful Bitcoin market contribute to Solana's ongoing rise.
2. Kel Eleje from Messari: Investors have shown tolerance for Solana's occasional interruptions, with the overall trend being favorable. Solana's native groundbreaking applications, such as NFT platform DRiP and the decentralized wireless network project Helium, are expected to drive growth.
3. Raoul Pal from Real Vision: Entrepreneur Raoul Pal believes Solana will reach $750 to $1,000, becoming the third-largest cryptocurrency, behind Bitcoin and Ethereum. He sees Solana's performance as relatively strong compared to others.
4. Sean Farrell from Fundstrat Global Advisors: Although Solana has experienced some increase, it is still less than half of its 2021 all-time high of $260. Farrell notes that Solana has seen historical highs this year, and it currently hovers around $109.
In summary, analysts remain optimistic about Solana's future, citing its resilience, innovative applications, and potential for further growth. |
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Post time 5-3-2024 07:59:24