Solana (SOL) Rides High on Positive Momentum Amid Market Gains and Apple Rumors
Solana (SOL) has been making waves in the cryptocurrency market, showing strong performance and standing out as one of the top gainers in recent weeks. According to a report from Santiment, the market sentiment surrounding SOL has reached a nine-month high, driven by its positive momentum.
Social Media Buzz Boosts Solana’s Sentiment
Santiment’s analysis reveals that for every mention of Solana across platforms like Twitter (X), Reddit, and Telegram, there are 5.6 positive sentiment signals. This strong social media presence has helped SOL maintain a favorable market position despite the mixed performance of other major cryptocurrencies.
While last week was a positive one for Solana, the trend has continued into this week. Unlike Bitcoin and Ethereum, which have remained neutral in terms of market sentiment, SOL has experienced a significant boost in positivity, driving its price higher.
Solana's Total Value Locked (TVL) Hits New Heights
Additionally, Solana's total value locked (TVL) has surged to $6.4 billion, marking its highest point since January 2022. In the past 24 hours alone, the trading volume on Solana-based decentralized exchanges (DEXs) surpassed $2 billion, outperforming Ethereum, which saw just over $1.4 billion in trading volume.
Solana has also recently overtaken Ethereum in terms of daily transaction throughput, with a record $1.6 billion worth of transactions processed in a single day.
Rumors of Apple Partnership Fuel Market Optimism
One of the factors behind the surge in Solana’s price is unconfirmed rumors linking the blockchain with tech giant Apple. While neither Apple nor Solana has officially commented on these speculations, the rumors have nonetheless boosted Solana’s visibility among potential investors.
Aside from these speculations, new projects like Pump.fun, aimed at professional traders, have attracted many users to the Solana ecosystem, further fueling market enthusiasm.
This surge in market hype has contributed to Solana’s strong performance, with SOL emerging as one of the best-performing assets over the weekend. Currently, Solana is trading at $166, representing a 1.2% increase in the past 24 hours and a 7.64% increase over the past week.
Positive Outlook for Solana’s Future Growth
Looking ahead, the future for Solana remains bright. According to Standard Chartered, the value of SOL could rise by up to 400% by 2025. Geoffrey Kendrick, head of digital assets at the bank, attributed this optimistic forecast to the potential for increased throughput on the Solana network, particularly if regulatory support improves.
Kendrick's analysis indicates that while Solana might currently be overvalued, future growth could make this valuation more appropriate. He suggests that if the network’s throughput increases by 100 to 400 times in the coming years, this growth could be realized, especially under a more crypto-friendly political environment.
