Even though the majority of crypto markets are showing bearish momentum, the Solana price keeps going up. Holding SOL has proven very profitable for many people, even if it took a while for momentum to materialize. The push to $200 and higher is still in effect.
Solana Price Momentum Resumes
Not that long ago, we discussed why the Solana price might keep going up. Today, the price is a fair bit higher than it was when the article went live. To some, that may seem like a coincidence, whereas others acknowledge the broader ecosystem and its potential. As a blockchain, Solana provides many benefits over other ecosystems such as Ethereum.
For the Solana price, the momentum seems relatively bullish despite this market dip. Although there is some resistance near $200 – which is to be expected – there isn’t too much downward market pressure just yet. SOL is still up by over 29% for the day, confirming the push to $200 remains in effect. Reaching that value is a psychological barrier first and foremost. However, nothing is impossible in the cryptocurrency industry.
More NFT Momentum Is Building
Like other blockchains, Solana is quickly becoming home to various NFT projects. Thanks to cheaper minting and trading than Ethereum, Solana-based non-fungible tokens can address a growing market need. New collections show up regularly, including the upcoming Undead Sollamas. Whether they are worth investing in is a different matter, as that requires DYOR.
As more collections appear on this blockchain, one has to wonder if it is a bubble waiting to burst. Although NFTs are currently very popular, that momentum cannot continue indefinitely. Just because a different blockchain notes NFT growth doesn’t mean everyone will get rich suddenly. Nor will it impact the Solana price specifically, even though momentum for the blockchain itself is growing.
Speaking of NFTs on Solana, the FTX exchange is building a feature to let users mint non-fungible tokens. Those NFTs will be compatible with Solana and Ethereum, which may bring more attention to the Solana price too. While the service has not gone live yet, it marks an interesting development for the ecosystem as a whole
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