Solana’s sol token rallied to a brand-new record today, pushing higher as the digital currency kept following a bullish trend.
The digital currency’s price reached $215.06 earlier today, Messari data shows.
At this point, the cryptocurrency had skyrocketed more than 13,250% from its price of $1.61 on January 1, additional Messari figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Armando Aguilar, vice president of Digital Assets Strategy for Fundstrat Global Advisors, spoke to these recent gains, stating that momentum is helping drive the sol token to its latest price levels.
He emphasized that the digital asset’s latest upward price movements took place after sol consolidated for several weeks following a strong rally in August and September.
Julius de Kempenaer, senior technical analyst at StockCharts.com, also spoke to the cryptocurrency’s recent price movements.
He noted that the digital currency climbed sharply over the last few months, increasing its value from less than $25 in July to more than $200 in September, after which it entered a consolidation phase.
However, sol recently “broke away from that triangle and continued its previous uptrend.”
While some analysts spoke to recent price history, others emphasized the platform’s compelling use case.
“Solana does have a strong use case, so the average new investor is willing to invest far more in this project than they were in something like Dogecoin,” stated Nick Spanos, cofounder of Zap Protocol.
“This a good reason to be even more bullish on Solana in the long run,” he said.
Aguilar also weighed in on the platform’s continued progress.
“SOL applications continue to grow, this week two projects with a lot of VC backing raised capital (DeFi Protocol raised $4.2M and Gaming Platform – MonkeyBall Raised $3M), indicative growth and enthusiasm to build on Solana,” he noted.
Further, Aguilar pointed out how FTX, which “has a large Solana-based NFT marketplace with lots of trading and demand,” recently raised more than $420 million at a $25 billion valuation.
Andrew Rossow, an internet and technology attorney, also commented on the situation.
“It seems pretty convincing that Solana’s prices are seeing an upward trend, demonstrating the power of the community the company so emphatically expresses in its mission to be a leading DeFi protocol.”
Going forward, Spanos provided a bullish outlook for the digital currency.
“It’s easy to envisage sol continuing to build on its recent momentum and ending Q4 as one of the strongest performing tokens in the market,” he stated.
“Solana sol’s token is currently the fifth-largest crypto by market cap, and it has a good chance of overtaking Cardano and Binance coin to take third spot over the coming months.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.