Solana's price has risen 575% in a year, reaching its highest value in 23 months yesterday

SOL price chart on the OKX exchange

The leading altcoin continues its price rally, which started gaining momentum in October 2023. Solana ranks 5th among cryptocurrencies in terms of market capitalization. Yesterday, its price on the chart was $138.
Despite the outflow of quite a lot of funds from Solana funds, which was caused by its recent failure, the price of the network's native token continues to rise,
SOL was last at this price level on April 1, 2022.

Solana journey north continues

The Solana ecosystem's native token continues to move upward on its price chart and hit a new local peak of $138 yesterday. The last time SOL traded at this price was on April 1, 2022, which is exactly 23 months ago.
Today, this altcoin has fallen a bit in price: at the time of writing, its price is $129.06, having lost 4.26% over the last 24 hours. Of course, there is nothing wrong with this, after all, when traders make profits by selling on the upside, a price correction is a natural situation.
However, what is important is that SOL is steadily making up for the losses incurred during the last bull market, when a powerful blow to the project was the collapse of cryptocurrency exchange FTX, which provided it with strong support. Over the past 12 months, the price of Solan has increased by 575%, and since the beginning of 2024 - by 35%.
Interestingly, yesterday's local peak coincides with the fact that investment products based on this cryptocurrency recorded an outflow of about 3 million dollars in the last week. A week earlier, the amount was $1.6 million.
Why is this happening? Well, first of all, the main reason is the recent network outage, which lasted a full eight hours and was the first such problem in the last 12 months. This blockchain has unfortunately experienced similar problems on a regular basis in the past.

Investors are positive about the future of Solana

Despite the turbulent background of the past, traders and digital asset market experts are looking at the ecosystem with great optimism.
Among other things, one of the most popular analysts - Inmortal - predicts that by 2025, the price of this altcoin could increase by another 300% compared to current levels.
$ETH rises from $80 to $4500 in 2021, $SOL will rise from $8 to $450 in 2025 - Inmortal (@inmortalcrypto)
The fact that more and more capital will soon start flowing into this ecosystem was mentioned by Brian Kelly two days ago when he pointed to this cryptocurrency as an alternative for traders selling off their bitcoin holdings, among other things.
Former BitMEX exchange CEO Arthur Hayes is also a longtime supporter of Solan.
I think it's time to get back on the train. Maybe after a few US banks crumble into dust this weekend - Arthur Hayes (@CryptoHayes)
Currently, the total blocked value (TVL) on this network is over $2.5 billion. That's compared to a "modest" $230 million in early 2023.