Continued Surge in Solana's Value: A Chance You Don't Want to Miss!

Solana (SOL) has reached beyond the $65 mark, marking a further 15% growth on November 15th, and maintaining its impressive surge in value. Recovering from a low of $8 at 2022's end due to FTX's collapse, SOL has achieved a remarkable recovery, soaring over 700% since. Market experts and analysts are eyeing this favored altcoin, noting its monthly increase of approximately 200%, and predicting a potential rise to $100.

Institutional Backing Bolsters Solana's Success

Regarded as Ethereum's (ETH) prime rival, Solana owes part of its success to substantial institutional backing. The Grayscale Solana Trust (GSOL) recently saw a considerable influx of institutional investments, with prices surpassing $200. GSOL shares even reached a staggering 300% premium over Solana’s market price at one point, although this premium has now settled to 100%.

Meanwhile, Ark Invest's Cathie Wood lauded Solana, remarking, “Solana has shown exceptional performance. It was faster and more cost-efficient than Ethereum initially, which drew us to ETH. Solana surpasses even ETH in speed and cost-effectiveness.” Wood's favorable view of Solana highlights her investment interest in the altcoin. She conceded that Solana experiences more downtime than Ethereum, but suggested that users are accommodating due to the smaller and less critical nature of transactions, prioritizing speed and cost.

Is $100 the Next Milestone for SOL?

SOL’s notable surge coincides with the Solana Blockchain’s robust performance in decentralized finance (DeFi). Since early October, the total value locked (TVL) in the protocol jumped from $233 million to an impressive $557 million. The number of active wallet addresses in Solana's DeFi space also saw a significant rise, now totaling 130,554. The current price trajectory suggests that SOL could soon target $70, and potentially $100.