Solana SOL/USD is by far one of the most popular cryptocurrencies out there, with its platform becoming a home for many decentralized applications (dApps).
It has been climbing up the rankings in terms of market capitalization, and It has initiated its most recent push for a Web 3.0 initiative.
The Reddit partnership as a catalyst for growth
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On November 6, the SOL token reached its latest all-time high-value point.
Reddit’s co-founder, Alexis Ohanian, as well as Solana’s co-founder, Raj Gokal, have announced a $100 million fund with Solana Ventures to invest in the development of Web 3.0 social media technology.
This announcement was made at the Solana Breakpoint Conference, which took place in Lisbon, Portugal.
It came at a point in time right after Facebook rebranded into Meta, where their CEO Mark Zuckerberg said better represented what the company aims to achieve.
That said, alongside this rebranding, Meta is in a constant battle with bad press. Frances Haugen leaked documents and accused the social media company of weak responses towards misinformation regarding COVID-19.
Hopefully, with this push for Web 3.0 imitative, Reddit and Solana aim to provide a higher level of transparency and give social media users a higher level of control.
This has the potential to increase the value of the SOL token as a result.
Is it worth investing in Solana (SOL)?
On November 10, Solana (SOL) had a value of $241.21.
To get a better perspective as to what kind of value point this is for the token, we will be going over it’s all-time high value as well as its performance in October.
On November 6, Solana (SOL) had a value of $259.96, which was its all-time high value. This made the token $18.75 higher in value than on November 10.
In terms of the value the token had in October, on October 12, Solana (SOL) had a value of $138.74. This marked its lowest point of value of the month.
When it comes to its highest point of the month, it was on October 25 when the token reached a value of $218.47. This means that the token grew in value by 57% or by $79.73 throughout that time.
With this in mind, the token is showcasing the momentum to reach $255 by the end of November, making Solana (SOL) a solid investment opportunity at its current price.
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