On the back of a Solana NFT ape boom, the SOL price has broken a major psychological level.
Just like that, the Solana price has broken $100.
It certainly looks like we started writing our Solana guide at the right time, right?
I mean just take a look at the following char showing what the SOL price has done this week alone:
Solana Price:
An absolute unstoppable freight train that honestly doesn’t look like stopping at $100.
Once the market decides that it has priced a market incorrectly, these sorts of repricing events move swiftly.
When it does, psychological numbers that you think will act as resistance, end up acting as magnets before slingshotting price through.
The lure of psychological numbers like $100 Solana
This price level is hugely significant, simply because it’s a big, juicy round number that the simple human mind can relate to.
Yes, I’m saying human beings like you and I are simple creatures.
Seriously, put $100 SOL into Google News and you’ll see that this psychological price level is the talk of the mainstream crypto media town.
Funnily enough, the $100 price level is significant for no other reason than because it’s a round number that the human brain is familiar with.
This is exactly the same concept that I keep talking about when it comes to the inevitability of Bitcoin reaching 100K.
These massively significant psychological levels get spoken about and watched by so many, they almost act as magnets when price approaches them.
And there has been no better example of this during Solana’s run from $50-100.
With that in mind, remember that a $50-$100 move is the same as a $50,000 - $100,000 move in percentage terms.
Don’t try to tell me that reading that doesn’t excite you even a little bit!
Solana NFT apes the driver
While the hype around Solana has been brewing for a while now, there was a final catalyst for the $100 move.
You see, Solana just had its first NFT project to truly bang on the chain.
The collection featured 10,000 unique pictures of cartoon apes (sound familiar…?) and was completely sold out in the first ten minutes after their release.
When it comes to driving price, rather than attributing the move to pure demand for SOL needed to buy the apes themselves, it was more so the free marketing that the NFT apes gave to Solana.
We’re even seeing some serious institutional demand around a true Ethereum competitor.
I mean what is there to say.
The market just seems to love Solana’s faster, not to mention cheaper, transaction speeds.
As a result, the major repricing event looks to have only just begun.
Where to now for Solana NFTs?
While there’s no denying that Ethereum remains the clear number 1 platform for NFT projects, there is no denying that it’s exclusively a playground for the rich.
But NFTs certainly isn’t an exclusively rich man’s game.
This is why we are starting to see the Ethereum competitors like Solana step up their NFT games and take things to the next level.
Buying these things are all about the exclusivity of the community you instantly become a part of rather than the art itself and everything is relative.
Compared to the Bored Ape Yacht Club on Etheruem, these guys may only be big fish in a little pond.
But to those buying Solana NFTs, in their mind they’re still big fish.
And that’s all that really matters in the end.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share your thoughts on Solana breaking $100 within the comments section below? All comments that add something to the discussion will be upvoted.
This Solana crypto blog is exclusive to leofinance.io.