Solana (SOL) is among the few altcoins that market observers are extremely bullish on. The outstanding performance of the asset this year has added to its credibility, such that SOL has easily become one of the most talked-about altcoins these past few months.
October might see SOL break $250 for the first time
A quick look at the impressive rundown of the asset within the last 9-months shows that Solana (SOL) is up over 7,800% since January when price was still under $2. It is no surprise that SOL also emerged as the second-best performing DeFi token in the first quarter. Having recorded so much success, Solana is now trading at a price of $161.
The bullish price movement continues as analyst John Wick noted recently that “Solana is also going through a Squeeze Breakout on the 4hr with the macro Trend Bars from Alpha Trend turning green.” The aforementioned could result in prices smashing $170, thereby bringing $200 closer.
The chances that SOL breaks $250 or at least attempts to hit that price mark are very high, given the consistency of SOL bulls these past months. Aside from a very promising technical chart, Solana favored the fundamentals.
Because of the institutional rise in the adoption of Solana-based products, leading investment firms like Grayscale have made SOL a part of its Digital Large Cap Fund which currently holds over $400 million in funds. This is the first time the asset will make the Grayscale investment list. Interestingly, Grayscale also revealed that many existing components had to be wiped out of the fund in order to buy SOL.
“In accordance with its construction criteria, we adjusted Grayscale Digital Large Cap Fund’s portfolio by selling certain amounts of the existing components in proportion to their respective weightings and used the cash proceeds to purchase Solana and Uniswap.”
Solana, which is one of the few blockchains designed to further utility beyond the typical peer-to-peer money system, has been dubbed an Ethereum killer, along with Cardano and Chainlink. However, at this time, Solana seems to be the most promising “Ethereum killer” there is. Even when price performance is considered, SOL takes first place in terms of price value, although the asset will need more time to increase its market capitalization in order to tie with or surpass its competitors.