The crypto market was pretty quiet last week, with Bitcoin and Ethereum struggling to gain any ground. Solana was also stuck in the doldrums. But things changed on Friday, October 11th, when Bitcoin broke through $62,000 and Solana jumped back above $140.
Apple Rumors Ignite Solana’s Bullish Sentiment
What sparked this sudden surge? Well, rumors started circulating on social media about Apple potentially building on the Solana network. A video showing Apple’s logo with the caption “Buy Solana before Apple announces it” went viral, sending crypto investors into a frenzy.
While there’s no official confirmation of a partnership between Apple and Solana, the mere possibility of it happening created a wave of bullishness among SOL investors.
Social media sentiment towards Solana skyrocketed, with five bullish comments for every bearish one. This was the highest level of positive sentiment Solana had seen in weeks.
A Short-Term Boost?
This hype has definitely boosted Solana’s price in the short term, but investors should be cautious. Remember, the market often moves in the opposite direction of the crowd.
Solana’s Current Status
As of right now, Solana is trading around $145, up almost 4% in the last 24 hours. However, this recent surge hasn’t significantly impacted its weekly performance. Solana is still the fifth-largest cryptocurrency with a market capitalization of over $68.2 billion.
While the Apple rumors have definitely given Solana a boost, it remains to be seen whether this will translate into long-term growth. Only time will tell if this hype is justified or just another pump-and-dump scheme.
