With most assets in the cryptocurrency market recording a bullish month, some of them had an exceptionally positive year, particularly Solana (SOL), which has made an epic rise of nearly 380% in the last 12 months, during which it went from a mere $20 area to the current price at around $112.
Indeed, Solana’s year has been very generous to the fifth-largest asset in the crypto sector by market capitalization, marked by constant development and high returns-on-investment (ROI) through some of the most innovative services of staking and lending in the crypto field.
For instance, Solana supports lending SOL for non-fungible tokens (NFTs) as collateral, making it one of the rare such platforms in the business, and with interest rates of over 180% annual percentage yield (APY), in addition to the success of its protocol in other areas, including gaming.
Persistent development
Recently, one of the leading layer-1 blockchains revealed its second smartphone, already recording more than 100,000 pre-orders in less than 30 days, through which it has secured funding for further development, as opposed to its first product that saw nowhere near such demand.
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At the same time, Solana partnered with Injective (INJ) to launch a cross-chain name service that will enable the creation of the first-ever interoperable omnichain domain and allow users to have the same .sol domain, adding to the platform’s appeal and bullish sentiment for the future.
On top of that, the network has recorded a rise in decentralized finance (DeFi) trading volumes in January 2024, and optimism surrounding the Jupiter airdrop could trigger even more activity, contributing to Solana’s dominance among other participants in the DeFi ecosystem.
Solana price analysis
Currently, Solana is changing hands at the price of $111.28, recording a slight pullback of 4.02% on the day. That said, during the past seven days, SOL has grown its price by 5.15%, adding up to the more significant gain of 10.02% accumulated in the previous month and an impressive yearly advance of 378%, as per the data on February 16.
It is also important to note that the 1-week technical sentiment gauges at TradingView are also very bullish on Solana, suggesting a ‘strong buy’ at 14 points, through the summary of oscillators pointing at a ‘neutral’ at 8 and moving averages (MA) indicating a ‘strong buy’ at 12.
Overall, Solana is demonstrating strength in both the short and long term, thanks to the constant developments and positive sentiment, thus making it a possibly life-changing digital asset to purchase this year. However, it is always essential to conduct careful research before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.