Its connection with FTX and Alameda gives it such a bad reputation that its price dropped to below 20$. That time, I hesitate to buy sol but i think that was a mistake. I should have taken the risk to add some sol to my portfolio. It doesn't matter right now but crossing 1000$ will make it overvalued. The current sol rally came from its airdrop hype and smart phone release, and as long as airdrop farmers get new projects to speculate about, they will leave sol. It can cause a correction but i don't think sol will go below 40$ any more.
Your hesitation was completely understandable. Markets were scary and in desperate times we often would like to see them as hopeless, so we wouldn't need ponder the risk of investing.
But i didn't see this coming this fast. It's $92 now and growing. Avalanche looks explosive too, in fact, so does the whole market. It looks like the perfect storm is coming. Correction might feel bad for some people here. Especially if they are coming in with leverage.
Altcoin season has truly started. Next this will flow into midcaps and then small caps.
This rise should be taken in cautious manner. There's reason why it is getting traction.
But the decline is imminent if the foundation is weak, so you need to dig the reason why they are heading to this direction.