Solana has been outperforming all other blue-chip cryptocurrencies, with a 50% gain in October and rising over 250% year-to-date, according to CoinGecko data. Some analysts think the altcoin's rally is a price correction from a long period of undervaluation.
"Solana experienced a dramatic drop in value after FTX blew up and the token missed an upward trend in the crypto market from the beginning of this year," Lienkha told The Block. "From day one, Solana set out on a mission to gain mindshare among builders who would launch unique platforms and products. Price action reflects the work put in, from engineering to community development, that has made Solana a vibrant ecosystem full of useful products, " Graham told The Block. The Ryze Labs managing partner added that he "does not see Solana's momentum slowing down.