Solana ($SOL), a prominent blockchain platform recognized for its rapid transaction speeds, achieved a 22-month high of $137 this week amidst a broader upswing in the cryptocurrency market.
Notably, Solana displayed robust performance, marking a notable 28% surge in the past week, propelling its price to its highest point since April 2022. Over the preceding year, the cryptocurrency witnessed an impressive 480% increase in its price.
This surge occurred against the backdrop of Solana-focused investment products experiencing approximately $3 million in outflows within a week, following around $1.6 million in outflows the prior week. Investor sentiment appeared to shift away from Solana in response to the recent network outage.
Earlier this month, Solana encountered a substantial outage, with a downtime of around five hours before validators successfully restored the cluster, resuming block production. This incident marked the network’s first major outage of the year, the previous one having occurred in February 2023.
Despite this setback, a reputable crypto strategist, identified by the pseudonym Inmortal, has spotlighted Solana, envisioning an extraordinary surge in its value. Inmortal, sharing this prediction with over 207K followers on the social media platform X, foresees Solana experiencing a remarkable increase of over 300% from its current valuation by the year 2025.
Solana’s price resurgence follows the collapse of the FTX exchange, a significant supporter of the network’s ecosystem and investor in various tokens on the Solana network, including $SOL. While the collapse initially impacted Solana, the network has been steadily recovering, boasting over $2.5 billion in total value locked (TVL) within its decentralized finance ecosystem, a substantial increase from $230 million at the beginning of 2023.