- Solana price is on track to post a massive recovery as altcoins wipe out the crypto market bloodbath losses.
- FTX exchange founder Sam Bankman-Fried has the vision to remake Twitter on Solana, fueling a bullish narrative among investors.
- Analysts believe Solana price has bullish potential and predict a rally in the Ethereum-killer altcoin.
Solana price could come back with Sam Bankman-Fried’s vision for the altcoin. Analysts have identified a bullish potential in Solana and predicted a rally in the altcoin.
Solana price could break into uptrend soon
Tesla CEO Elon Musk’s hostile takeover of Twitter has turned many heads in the crypto community. From Cardano founder Charles Hoskinson to FTX exchange’s Sam Bankman-Fried, leaders and influencers in crypto have proposed the development of a decentralized social media platform to replace Twitter or to upgrade it.
Sam Bankman-Fried proposed his idea and elaborated on the possibilities of Twitter running on the Solana blockchain. In a series of tweets, Bankman-Fried told his followers the possibility of a decentralized Twitter.
Bankman-Fried was quoted as saying:
Tweets go on-chain, encrypted; the sender chooses who has access to them (i.e. who can decrypt). In some sense this unifies DMs and tweets–DMs are just tweets with the privacy setting of ‘only Jill’.
Twitter’s revenue generation could be revamped by charging users for each tweet they send, alongside ads on the platform. Users could build their own Twitter interface and monetize it.
Proponents believe the launch of Twitter on Solana could boost the adoption and value of SOL. Analysts have evaluated the Solana price trend and predicted a rally in the altcoin. Pseudonymous analyst @AltcoinSherpa believes Solana price could hit $110-$115 before forming a higher low. If the price crosses this level, the analyst considers it bullish and is currently waiting for SOL to reclaim its higher high.
$SOL: would like to see 110-115 reclaimed before anything else. If we form a higher low, I think the market structure is still technically bullish. That said, I would wait for this to reclaim higher first before buying. #Solana pic.twitter.com/9aRqau2yS2— Altcoin Sherpa (@AltcoinSherpa) April 13, 2022
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