Solana's Price Surge: An Opportunity Not to be Overlooked!

Solana (SOL) has recently breached the $65 threshold, experiencing an additional growth of 15% as of November 15th, thereby continuing its impressive upward trajectory. Following a slump to $8 by the end of 2022, triggered by the FTX bankruptcy, SOL has staged a remarkable rebound, registering gains exceeding 700%. Market experts and financial analysts are closely watching this prominent alternative cryptocurrency, which has recorded a monthly rise of nearly 200%, anticipating its potential ascent towards the $100 mark.

Robust Institutional Endorsement Fuels Solana’s Rise

Solana's standing as a formidable contender to Ethereum (ETH) is partly attributed to its robust support from institutional investors. The Grayscale Solana Trust (GSOL) has experienced a notable surge in institutional funds recently, with its value crossing the $200 mark. There was a period when GSOL shares traded at an astounding 300% premium over Solana's spot price, although this premium has since adjusted to around 100%.

Cathie Wood of Ark Invest has praised Solana's performance, stating, “Solana has excelled remarkably. It initially outperformed Ethereum in terms of speed and cost-efficiency, which is what initially attracted us to ETH. Solana is even more efficient and faster than ETH.” Wood's positive outlook towards Solana reflects her keen investment interest in the altcoin.

SOL Aiming for $100: A Realistic Goal?

The significant upward movement in SOL’s price has coincided with the Solana Blockchain's strong showing in decentralized finance (DeFi). From the start of October, the total value locked (TVL) in the protocol has surged from $233 million to a remarkable $557 million. The count of active wallet addresses in Solana’s DeFi segment has also seen a substantial increase, now standing at 130,554. The bullish trend in the price chart suggests that SOL's next targets could be $70 and possibly $100.