Analytics platform Santiment says 4 altcoin projects have garnered massive FOMO, accompanied by bullish US stock markets on Friday.
Santiment drew attention to altcoin projects that recorded massive volume growth
As the stock markets rallied on Friday, many altcoins exploded with them. After climbing $22,300, BTC price touched $23,000 for the first time since August today. Santiment says that the volume increases are supporting crypto prices. With HBAR, which is at the top with 33% according to the analytical platform, the altcoin projects that investors are most FOMO with:
- Hedera (HBAR): 33%
- Scale (SCL): 16%
- Solana (LEFT): 11%
- Decentraland (MANA): 11%
🥳 #Equities soared Friday, and #crypto erupted with them as many #altcoins are seeing big returns. Volume upticks are supporting prices rises for:
📌 @hedera $HBAR (+33%)
📌 @SkaleNetwork $SKL (+16%)
📌 @solana $SOL (+11%)
📌 @decentraland $MANA (+11%)https://t.co/4oc7JGm1py pic.twitter.com/VcQHV6axoH— Santiment (@santimentfeed) January 20, 2023
Meanwhile, Solana (SOL) has reached $25.16, up over 20% in the last 24-hour timeframe. The altcoin was the highest performer on a daily and weekly basis, gaining 12.73% over the past week. According to Santiment, the current Solana price increase is supported by volume increases. The analytics platform wrote on the chart that investors are experiencing massive FOMO (fear of missing out) in Solana and three other altcoins as a result of Friday’s massive surge.
The rally began shortly after SOL bottomed out at $8.19 after the FTX crash, with a positive tweet from Ethereum co-founder Vitalik Buterin expressing his “hope” that Solana “will get a fair chance to thrive.” Solana is currently holding this momentum above $25.
Solana (SOL) reaches levels where FTX collapse begins
Solana, which experienced one of the biggest losses in November due to its FTX connection, has had the opportunity to recover over 50% since the beginning of the year. Positive price movements are supported by what Ethereum co-founder Vitalik Buterin said about Solana, while development activities also present an optimistic picture of Solana’s long-term outlook. According to a recent report from Electric Capital, Solana was named one of the fastest growing developer ecosystems in 2022:
Electric Capital shows Solana to be the fastest growing developer ecosystem, surpassing a total of 2,000 developers in 2022. It is second only to Ethereum in raw numbers.
1/ A new report by @ElectricCapital shows that Solana is the fastest growing developer ecosystem, surpassing 2,000 total developers in 2022. It's second in raw numbers only to Ethereum.
Let's dig into the numbers.https://t.co/HQvPbQzQD2 pic.twitter.com/xV6pnoT7db
— Solana (@solana) January 17, 2023
With the increase in the number of developers, Solana has seen a notable increase in the adoption of priority fees and local fee markets. This was seen across the network at the dApp and wallet levels. “Building Solana is getting easier than ever before,” the report says. “Developer interest is growing around hackathons, new courses, and other developer-friendly IRL events.” cryptocoin.comAs we have mentioned, Vitalik Buterin made this point.
