Top trader and analyst Jacob Canfield predicts that the excitement around possible retroactive airdrops by projects atop Solana (SOL) will drive the SOL price upward and upward.
Solana (SOL) price to expand rally, airdrop hunters to blame
The fundamental native asset of the Solana blockchain, SOL, has a straightforward bullish thesis that is expected to drive up the price of SOL. Canfield expressed his opinion on X today, Dec. 9, 2023, that the primary driver of prospective SOL price rise is the desire of retroactive airdrop hunters looking for large incentives.
https://x.com/JacobCanfield/status/1733246490976370959?s=20
Following the incredible success of the Jito (JTO) airdrop, which awarded five- and even six-digit bonuses to holders of SOLs who completed standardised tasks on the Jito staking protocol, an increasing number of traders are experiencing FOMO.
They will require an increasing amount of SOL assets in order to approve transactions, join conversion, and staking mechanisms as they move towards other protocols with possible distributions of cryptocurrency tokens:
A sizable number of individuals will purchase $SOL and transfer assets over to farm the airdrops as a result of the network effect of witnessing all these people receiving five- to six-figure air drops.
Canfield thus credited the optimistic outlook for Solana (SOL) to the basic principles of supply and demand.
As previously reported by U.Today, Arthur Hayes, the founder of BitMEX, also made an extremely optimistic forecast for the price of Solana (SOL).
At $76.94, Solana (SOL) is trading at a 5.5% gain over the previous day.
Jito (JTO) price rocketing
On Thursday, December 7, 2023, a fresh cryptocurrency craze centred around Solana was set off. On Solana (SOL), Jito (JTO), a rival to Lido Finance, planned a large airdrop of its token JTO.
The project gave participants in online events on the site access to more than $225 million in JTO equivalent.
The price of JTO did not decrease following the airdrop. It has gained more than 32% in the past day and is getting closer to $4.
Two days after introduction, JTO pairings had over $1.1 billion in trading activity on major exchanges, ranking it as the 12th most popular cryptocurrency.
