Solana (SOL), a prominent blockchain platform recognized for its high-speed transactions, has recently reached a 22-month peak of $137 amidst a broader rally in the cryptocurrency market.
The remarkable performance of Solana is evident with a substantial 28% surge in the past week alone, propelling its price to the highest point since April 2022. Over the course of the last year, the value of this cryptocurrency has skyrocketed by an impressive 480%.
Despite this achievement, there has been a recent trend of outflows from Solana-focused investment products, totaling approximately $3 million within a week following around $1.6 million outflows in the previous week. This movement suggests that investors may be shifting away from Solana in response to the network’s recent outage.
In a notable development earlier this month, Solana encountered a significant outage that rendered the network offline for about five hours before validators successfully restarted the cluster and resumed block production. This incident marked the network’s first major outage this year, with the last one occurring in February 2023.
Notwithstanding the outage, a respected crypto strategist, known as Inmortal, has drawn attention to Solana by forecasting a remarkable surge in its value. In a recent update to his 207K followers on the X social media platform, Inmortal envisioned a potential increase of more than 300% in Solana’s valuation by 2025.
The recovery of Solana’s price is notable as it bounces back from the collapse of the FTX exchange, a significant supporter of the network’s ecosystem that had investments in various tokens including SOL. While the collapse impacted Solana by association, the network has demonstrated resilience by now locking over $2.5 billion in total value on its decentralized finance ecosystem, a substantial increase from $230 million at the beginning of 2023.
