Solana is definitely eying the Moon. The Bulls are looking at the soaring prices of Solana.

Why Is Solana Pumping? Is It Gameshift, Bitcoin Bull Or FTX?

By Coins Reporter | Coinsreporter | 8 Nov 2023


Solana, the people's choice, remains one of the fastest and most scalable Cryptocurrency. The recent surge in the prices has rekindled a new fire among the once intact Solana community. The price of SOL has taken a big leap and is almost 120% up in 60 days. Since SOL has once again sneak into the top 10, let's take a look why is Solana rallying-bullying this time and could this bull rally carry on till Christmas or later in 2024?

Phew! Don't underestimate the come back power of useful cryptocurrencies. At one point when SOL crashed below $10, many people declared SOL to be at a dead end point. Those people were partially right since the majority of developers and community players went on a vacation. A vacation! Yes, they never left SOL and seems like they all are returning one by one.

Apart from getting the community on track, the Solana projected is evidently steering in the right direction. The launch of Beta Gameshift, a product by Solana labs that promises to unite blockchain with the immersive experience of web2 gameplay, is definitely giving a much needed push to SOL. Gameshift is an user ready API that would handle all the complexities of blockchain and web3 under it. Gameshift aims to provide an interface much like SDKs, Unity or Unreal. Gameshift, however in its early stage of development, is attracting lot of interest from Web2 developers and consequently SOL is pumping in anticipation of its success.

Another possible reason for such dramatic surge in SOL prices is due to the fact that US markets and large institutional investors are adopting Solana. Coinbase acquired 2.2 million SOL on Oct 18. As this was not just a strategic move, it was more of an institutional buying, Solana has been the most favourite Altcoin in the recent past. Till date SOL is on a record spree and gained inflows in 28 weeks our of 32 in current year. It is also to be noted that Solana has beaten Ethereum in net inflows this year; which is a huge win for Solana and remains a key for bullish scenario for SOL.

Recent report about institutional inflow investment in Solana (SOL)

Most people would coincide the recent rise for Solana with that the recent rally of Bitcoin Bulls. While this has to be a factor for the rally of SOL, albeit very minor. The price of Bitcoin has been soaring amid the growing anticipation for an approval of Spot ETF. Also, the halving is putting pressure on the Bulls. While Bitcoin may be in the green zone for sometime now, the rally that Solana is seeing is more due to its own growth as a project in recent times rather than the growing bullish sentiments for Cryptocurrency overall. 

LAST BUT NOT THE LEAST, infamous crypto exchange FTX might be pumping SOL behind the scenes. FTX still holds approximately 9 million SOL worth over 400 million now. Recently FTX has moved 2.14 million SOL to sell. Yes, FTX might have sold a little portion out of 2.14 million SOL, but they definitely would want to push prices to the moon before they sell all of their Solana bags. 

So, all of the above claims put SOL on a trajectory that's better suited for a bullish scenario. But DYOR as this is Cryptocurrency after all.

As for future prediction if Solana achieves its goal of becoming a “global-scale blockchain and come closer to replacing Ethereum”, the price of SOL could go much higher. Some analysts predict SOL could reach $500 in a year or so. However realistically and considering that market have turned bullush, we might see Solana peak upto $350 and if there's a price reversal then it could see a nosedive to $25. 

Overall Solana is one of my favourite coins with bullish sentiments and I am investing in it with a ratio of 20/100. 

 

Adios ... Ciao.... Bye ... Take care ...

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Coins Reporter
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Once a Bitcoiner and forever will be. Love to share my views even if they are unbelievable.


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