TL;DR
Solana’s native token – SOL – has been on a substantial uptrend lately, with its price spiking to around $67 last week (a figure last seen in May 2022). Despite the recent market consolidation and the asset’s plunge below $60, traders seem determined to deal with the coin.
According to Santiment, the FOMO (“Fear of Missing Out”) effect has “picked up in a big way,” with SOL’s positive sentiment surging to its highest level since November last year.
However, some analysts, including the popular X (Twitter) user Ali, think the FOMO surrounding Solana should not be considered a bullish factor. The term indicates that a lot of people make the irrational decision to enter SOL’s ecosystem just because others have done it before and don’t conduct proper due diligence.
The consequences of FOMO could be unpleasant as sometimes investors might buy digital assets at their high level and sell at a lower one, leading to substantial losses.
One cryptocurrency trader who believes that SOL’s recent surge is just the beginning of a massive rally is the X (Twitter) user Jacob Canfield. He forecasted that the asset could continue trending against Ethereum (ETH) and emerge as “the biggest winner” in the next crypto’s bull run cycle.
Canfield thinks Solana’s token might triple or quadruple its all-time high market dominance and become the second-biggest cryptocurrency by market capitalization, reaching a price of a whopping $1,000. He also reminded that the blockchain platform could further benefit from its existing collaborations with leading corporations such as Google and Amazon.