In a recent surge, Solana’s native token, SOL, has experienced a significant uptick, climbing by over 46% in the last 7 days.
This builds on an impressive trend, with SOL marking a 46% increase over the past week and a remarkable 160% surge in the last month. As of now, SOL is priced at around $63, reflecting the bullish sentiment surrounding the cryptocurrency.
One contributing factor to SOL’s positive valuation is the overall bullish condition prevailing in the cryptocurrency market.
Notably, major players like Bitcoin (BTC) and Ethereum (ETH) have also reached yearly peaks, indicating a broader upward trend.
The influx of institutional investors into Solana’s ecosystem is another noteworthy catalyst. Recent research conducted by CoinShares reveals that Solana witnessed substantial inflows amounting to around $16 million in the last 14 days. This institutional interest adds a layer of credibility to Solana’s growth story.
The Fear of Missing Out (FOMO) effect is a psychological phenomenon that can’t be overlooked in Solana’s recent surge.
This phenomenon often triggers irrational decision-making as investors fear missing the potential gains associated with a highly popular coin.
In Solana’s case, the impressive price increases might have enticed some investors to join the ecosystem without thorough due diligence.