Solana Network’s local token SOL again followed a bullish trend on Monday, as it reached a new yearly high following the start of the blockchain’s Breakpoint convention. SOL soared over 8% and traded above $35 for the first time since September 2022.
The Breakpoint is an annual conference organized by the Solana Network for its community. Debuted in 2021, the meeting is where the network celebrates its accomplishments and appreciates its supporters.
Breakpoint Breaks the Bears
The Solana Breakpoint, slated to start on October 30, has added extra bullish momentum to SOL, which has seen a good uptrend in the famous month of Uptober. SOL saw a much-needed bullish move after a bearish September saw the token price drop to as low as $18.
The Solana Network will host this year’s Breakpoint in Amsterdam, Netherlands, and run the community-driven program until November 3. History shows that the Solana Network usually makes major announcements during the convention. It was at its last meeting in 2022 that it announced the launch of the Solana Saga smartphone.
Just the Start?
A report from last week showed that SOL has already outperformed the top ten cryptocurrencies this year. SOL token is up over 200% YTD after starting out at $9 on January 1.
The network’s resurgence has been massive since it kept the FTX woes behind it. The Solana Foundation revealed last year that it lost a reasonable amount of funds from the FTX fallout, including investments in FTX stocks and its native token, FTT.
Strategic partnerships with firms like Visa and Shopify aided the network’s trend toward a return to its glory days. With the spot ETF optimism and the fast-coming Bitcoin halving, SOL might have just shown glimpses of what is to come.
