Solana (SOL) has been experiencing positive crowd sentiment. This has been one of the pivotal factors enabling the sixth-largest cryptocurrency based on market valuation to surge to levels last seen in 2022.
Leading on-chain metrics provider Santiment acknowledged that SOL broke the $54 price level, a level last seen in May 2022.
Santiment added, “Discussion rates on SOL have again spiked, indicating the mainstream crowd recognizes the asset’s decoupling from other assets. Funding rates are high.”
Solana was up by 143.3% in the past month to hit $58.32 at press time, according to CoinGecko.
Solana Experiences Skyrocketing Trading Volumes
The daily trading volumes on the Solana network recently surpassed $3.5 billion, representing a 70% increase from the $2 billion recorded at the start of this month. This upswing played an instrumental role in enabling SOL to hit highs of $63.
Confidence and interest from institutional investors on the SOL blockchain have been going through the roof, given that Grayscale Solana Trust (GSOL) shares recently surged by close to 900%, according to CoinGlass data.
The number of developers building on the SOL network has also increased. Browski, a Solana community builder, pointed out, “It’s unreal the number of high valued companies building in Solana. I can’t wait for the day to see Solana powering literally everything in the universe.”
Meanwhile, Solana seems destined for the $100 level based on a super bullish breakout, with Cathie Wood, the CEO of Ark Invest, recently echoing her optimism about the SOL network as she asserted that it was one of the most promising blockchains in the market, as reported by ZyCrypto.
