The price of SOL has taken a big leap and is almost 120% up in 60 days. Since SOL has once again sneak into the top 10, let's take a look why is Solana rallying bullying this time and could this bull rally carry on till Christmas or later in 2024.
Don't underestimate the come back power of useful cryptocurrencies. At one point when SOL crashed below $10, many people declared SOL to be at a dead end point. Those people were partially right since the majority of developers and community players went on a vacation. A vacation! Yes, they never left SOL and seems like they all are returning one by one.
Apart from getting the community on track, the Solana projected is evidently steering in the right direction. The launch of Beta Gameshift, a product by Solana labs that promises to unite blockchain with the immersive experience of web2 gameplay, is definitely giving a much needed push to SOL. Gameshift is an user ready API that would handle all the complexities of blockchain and web3 under it.
Gameshift aims to provide an interface much like SDKs, Unity or Unreal. Gameshift, however in its early stage of development, is attracting lot of interest from Web2 developers and consequently SOL is pumping in anticipation of its success.
Infamous crypto exchange FTX might be pumping SOL behind the scenes. FTX still holds approximately 9 million SOL worth over 400 million now. Recently FTX has moved 2.14 million SOL to sell. Yes, FTX might have sold a little portion out of 2.14 million SOL, but they definitely would want to push prices to the moon before they sell all of their Solana bags.
