InstaForex

September 24, 2021

These Two Factors Drive The Increase In Solana (SOL) Over 30%

 In addition to Cardano (ADA) making a rebound today, Solana (SOL) also did not miss showing its potential with a 32% increase from a daily low, $ 115.96 on Sept. 21 to a daily high, $ 152.70 on Sept. 23.


Two factors seen as positive sentiment of the SOL movement are based on:


The exchange or decentralized exchange (DEX), Orca developed on the Solana network successfully recorded $ 18 million worth of investment fundraising and Series A rounds.

The initial DEX offering (IDO) project, Grape Network managed to raise $ 1.2 million in funding from several venture capital firms following the success of the IDO project raising $ 600,000.

This situation proves that investors are still interested in investing in projects built in Solana, causing a spike in Solana prices in early September.



However, these assets have also received declining prices following network failures and recent crypto market price corrections.


Banz Capital founder John Iadeluca concluded the SOL price decline was due to oversold investors due to concerns and fears.


At the time of writing the article, SOL was trading at $ 144.72, down over 3% in 24 hours. But for investors who are good at taking chances, this is the time for SOL while dip.


Many think Solana is just warming up the engine.


If this asset is able to record a jump of over 13,000% this year alone after recording an all-time high (ATH), $ 214.96 on Sept. 9, it’s not impossible in later days it will continue to outperform other cryptocurrencies.