Is Solana truly bullish after praise from analysts and investors?

By:
on Nov 25, 2022
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  • In the last 7-days, Solana saw a price difference of 31% from its low to the high point.
  • The trading volume of the SOL cryptocurrency also decreased by 43% in the last 24 hours.
  • Analysts predict that SOL has a bullish outlook and that it can grow in value.

Solana (SOL/USD) has increased in terms of investor appeal due to the fact that it was analyzed by Santiment and by Synapse COO Max Bronstein. Furthermore, the Solana Foundation held $180 million worth of crypto assets on FTX.

BetDEX Exchange also went live on the Solana mainnet, and all of these updates have sparked debate over the future of Solana.

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Solana is a blockchain-based platform purpose-built to host decentralized applications (dApps) and improves on the Proof-of-Stake (PoS) consensus by also implementing Proof-of-History (PoH).

Analysts predict a bullish outlook for the SOL Token

In the latest Solana news, the behavior analytics platform for cryptocurrencies that sources on-chain, social, and development information on over 900 cryptocurrencies known as Santiment, posted a tweet on November 23, 2022.

In it, they discussed how the value of the token bottomed out at $11.02 and rebounded to $12.70 between the span of November 22 and November 23 or within 15 hours.

In the report, they claimed that this could cause more rebounding until traders slow down their unanimous bets against the value of SOL. 

Synapse COO Max Bronstein also shared why he believes that this might be a great time to invest in SOL, because the root cause of its issues, citing Alameda Research and Sam Bankman-Fried, are gone, and Ethereum’s (ETH/USD) roll-up visions are accelerating. 

Through this, Bronstein claims Solana can be the main monolithic challenger.

The Solana Foundation released a fact sheet detailing the exposure that it held to FTX following its bankruptcy. The organization held over $180 million worth of crypto assets as of November 6. 

Specifically, it held around $1 million in cash, 3.43 million FTX Token (FTT/USD) tokens, and 134.54 million Serum (SRM/USD) tokens.

Additionally, the group also held 3.24 million shares of FTX common stock. 

The Web3 company BitDEX also announced on November 24, 2022, that the BetDEX Exchange is now live on the Solana mainnet and accepts real-money wagers for the first time. 

Should you buy Solana (SOL)?

On November 25, 2022, Solana (SOL) had a value of $14.10.

SOL/USD Chart by Tradingview

The all-time high value of the SOL cryptocurrency was on November 6, 2021, at a value of $259.96. Here, we can see that at its ATH, it was $245.86 or by 1,743% higher in value.

When we go over its 7-day performance, Solana (SOL) had its low point of value at $11.20, while its high point was at $14.69. Here, we can see a difference of $3.49 or 31%.

However, when we take a look at the 24-hour performance, Solana (SOL) had its low point at $13.97, while its high point was at $14.76. This marks a difference in the value of 5%, or by $0.79.

With this in mind, investors will want to buy SOL at $14.10, as it can climb to $17 by the end of December 2022.