Solana is experiencing a huge hype – can we expect a correction?
2 min readOne of the most significant projects in the world of cryptocurrencies, which has made a huge leap in recent days, is clearly Solana (SOL). With the launch of new and major projects in the DeFi sector, as well as a $ 70 million investment by DEX, SOL has reached a new all-time high.
Are we waiting for a correction?
On the largest cryptomen exchange, the price on the SOL / USD pair climbed to the ATH 70,20 USD. This increase came after the announcement of major infrastructural changes in the ecosystem, including the aforementioned $ 70 million crowdfunding. The subsidy will be used mainly to support the Mango exchange.
Optimization and modernization of the Solana ecosystem
Mango is a exchange that offers a classic platform for trading on spot markets and futures. It has liquidity secured through another exchange, which is based on Solana’s blockchain. This model is very similar to successful ETH-based decentralized stock exchange projects such as UniSwap and SushiSwap.
I don’t think you guys realize how bullish @mangomarkets really is
50% of all USDC on Solana $ SOL was on @mangomarkets token sale, Sam has his hands all over this$ MCAPS is my play because of the low supply (below 475) and this is basically a bet on Mango with a better reward% https://t.co/gSJaLn1QPC pic.twitter.com/aI6nnr9UR9
– LilMoonLambo (@LilMoonLambo) August 11, 2021
Another factor reflected in price growth is the launch of another major project called Wormhole. It is a communication protocol between Solana and other top DeFi projects such as Terra, ETH and Binance Smart Chain. Sales of 10,000 NFT tokens from the Degenerate Ape project were also completed.
“More than 200,000 SOLs were traded in the first day,” said Pentoshi market analyst in connection with the sale of NFT tokens in the Solanart market.
“There are almost no notable NFT projects at SOL, but what happens when the market starts to turn around? Demand for SOL will push prices to new highs, and the graph clearly shows a desire to discover new price values. ”
In conclusion. The FA + TA is setting up for an explosive price discovery opportunity to trade and one that can be fueled by NFT’s and projects launching on SOL. It’s ready imo and a no brainer. Imo the most bullish asset in the space right now. Make the switch before the crowd. pic.twitter.com/RfcEVVV54B
– Pentoshi 🐧 Wont DM You (@ Pentosh1) August 15, 2021
However, it is highly likely that, like BTC and ETH, SOL is currently at risk of overestimation. We must therefore continue to monitor the development of the graph. It is very difficult to predict what will happen in the next few hours.
