Solana (SOL) Price Surges 35% as Risk Assets Bounce Back
- 王林Original
- 2024-08-07 12:09:14763browse
Solana's SOL token has rallied sharply in the last few days, climbing to nearly $150 this evening as global markets recovered from their recent fear-driven sell-off.
Solana (CRYPTO: SOL) prices surged over the last few days as risk assets bounced back.
What Happened: Solana’s SOL token rallied sharply in the last few days, climbing to nearly $150 this evening as global markets recovered from recent fear-driven selloffs.
The digital currency, which serves as the native token of the high-performance Solana blockchain, reached as much as $149.61 around 6 p.m. EST, according to Coinbase data provided by TradingView.
At this point, the SOL token, which rallied along with many cryptocurrencies, was up roughly 35.8% after falling to nearly $110.00 yesterday morning, additional Coinbase figures from TradingView showed.
Global Markets Bounce Back: These digital assets, along with major stock indexes like the S&P 500 and Dow Jones Industrial Average, bounced back today after experiencing sharp losses over the weekend and early yesterday morning.
When explaining these latest movements in Solana’s SOL, as well as other digital currencies and stocks, several analysts stated that markets simply became oversold and then experienced a natural recovery.
Tim Enneking, managing partner of Psalion, emphasized that the latest market developments were driven largely by sharp changes in market sentiment.
"This pricing roller coaster, of which Solana is only one, albeit prominent example, is due purely to fiat markets acting with irrational fear one day (S&P down 3% yesterday) and irrational relief the next (S&P up 2.4% at one point today),” he said via emailed comments.
"Crypto, unfortunately, front ran the former trend (BTC down over 15%, ETH down over 20% and crypto markets generally crushed on Sunday), and, fortunately, also front ran the recovery (with, for example, BTC up 10% yesterday while fiat stock markets were still getting hammered),” Enneking noted.
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