With most assets in the cryptocurrency market recording a bullish month, some of them had an exceptionally positive year, particularly Solana (SOL), which has made an epic rise of nearly 380% in the last 12 months, during which it went from a mere $20 area to the current price at around $112.
Indeed, Solana’s year has been very generous to the fifth-largest asset in the crypto sector by market capitalization, marked by constant development and high returns-on-investment (ROI) through some of the most innovative services of staking and lending in the crypto field.
For instance, Solana supports lending SOL for non-fungible tokens (NFTs) as collateral, making it one of the rare such platforms in the business, and with interest rates of over 180% annual percentage yield (APY), in addition to the success of its protocol in other areas, including gaming.
DEX dominance by chain in 2024. Source: DefiLlama
Solana price analysis
Currently, Solana is changing hands at the price of $111.28, recording a slight pullback of 4.02% on the day. That said, during the past seven days, SOL has grown its price by 5.15%, adding up to the more significant gain of 10.02% accumulated in the previous month and an impressive yearly advance of 378%, as per the data on February 16.
Solana 12-month price chart. Source: Finbold
It is also important to note that the 1-week technical sentiment gauges at TradingView are also very bullish on Solana, suggesting a ‘strong buy’ at 14 points, through the summary of oscillators pointing at a ‘neutral’ at 8 and moving averages (MA) indicating a ‘strong buy’ at 12.
Solana 1-week sentiment gauges. Source: TradingView
Overall, Solana is demonstrating strength in both the short and long term, thanks to the constant developments and positive sentiment, thus making it a possibly life-changing digital asset to purchase this year. However, it is always essential to conduct careful research before investing in any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
