2023-04-19 07:05:00 ET
Solana (CRYPTO: SOL) has been one of the surprise breakout cryptos of 2023, up more than 152% for the year. Solana now trades around $25 and is finally back in the list of Top 10 cryptos by market capitalization. Best of all, sentiment in the crypto industry has turned decidedly bullish, and that bodes well for Solana as well.
For Solana to hit a price target of $40, though, a lot still has to go right. Here's a closer look at two key factors.
It's impossible to talk about Solana without mentioning the spectacular meltdown of FTX (CRYPTO: FTT) last year. Solana was the one blockchain most closely associated with former FTX CEO Sam Bankman-Fried. And Solana paid a huge price for that, as investors panicked about potential FTX contagion. For the year, Solana was down nearly 94% and traded under the $10 mark in late December. At that point, the fear level was so high that some investors even suggested that Solana might not make it.
For further details see:
Should You Buy Solana While It's Below $40?