TL;DR
Solana’s native token – SOL – is once again the rock star of the cryptocurrency market. It made the headlines today (November 16) by registering a 10% price increase (per CoinGecko’s data) for the past 24 hours and a whopping 170% jump on a monthly basis.
SOL Price, Source: CoinGecko
The coin’s latest rise could be attributed to the bullish sentiment reigning in the entire sector, with most digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many others, being well in the green zone.
Other reasons leading to Solana’s impressive rally could be the significant interest from institutional investors, the FOMO effect, and Coinbase’s decision to list SOL perpetual futures on its international exchange and Coinbase Advanced.
It is worth mentioning that SOL’s latest price surge came shortly after Cathie Wood (CEO of ARK Invest) praised the token’s recent performance.
“Solana is doing a really good job. Ether was faster and cheaper than Bitcoin back in the day – that’s how we got Ether. Solana is even faster and more cost-effective than Ether,” she argued.
The post Solana (SOL) Prices Explode Toward $70: Possible Reasons appeared first on CryptoPotato.
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