Ethereum Competitor Solana (SOL) Hits New All-Time High of $213.47
Given the apparent crypto industry’s sell-off influence, Ethereum rival Solana (SOL) keeps making sharp gains. The Solana (SOL) cryptocurrency’s value has increased by 30% today, reaching a fresh all-time peak of $210. SOL is trading 28% higher at $204 while writing this article, with a market valuation of $61 billion.
Solana has surpassed Ripple’s XRP to transform into the sixth-largest crypto by market capitalization as a result of this transition. Solana’s upsurge to this position has been lightning quick, and it will not be surprising if Solana quickly enters the five major cryptos list. In the last week alone, the price of SOL has risen by an incredible 80%.
Within a month, the SOL value has risen by 350%, breaking through the $200 barrier. At this price level, predicting the peak will be tricky. Solana’s price rally to the peak is fueled by enhancing fundamentals. Furthermore, the Solana blockchain has recorded a surge in DeFi activity in previous weeks.
According to DeFi Llama data, the total value locked (TVL) on the Solana blockchain has surpassed $7.75 billion. This high level of DeFi activity indicates that Solana is gradually establishing itself as a major contender to Ethereum for hosting DeFi platforms.
Furthermore, Solana has seen significant institutional influx in recent weeks. CoinShares, Europe’s largest digital asset manager, provided some in-depth detail into its weekly update.
“Solana continues to remain the top choice, with weekly inflows aggregating US$13.2m in the week before, more than doubling its cumulative inflows in the year so far,” it said.
While AuM increased from US$15 million the earlier week to US$44 million last week.” Aside from DeFi, the Solana blockchain is establishing itself as a solid platform for hosting NFTs. Steve Harvey, a well-known comedian, is the latest to join Solana’s NFT Boom. Harvey changed the image on his Twitter profile to a Solana Monkey Business NFT.
KSI, a rap artist and YouTube persona, also altered his Twitter profile image to a Solana Monkey Business NFT. Solana Monkey Business is a compendium of 5000 images of cartoonish graphics monkeys that are produced at random. This is comparable to the Ethereum-based OpenSea marketplace’s CryptoPunk NFTs and Bored Ape Yacht Club NFTs.
Solana Monkey Business (SMB) is one of the most recent NFT collections to be added to the Solana blockchain. According to Sonalysis data, the worth of SMB NFTs has increased by a whopping 52% in the past 24 hours.
It is now Solana’s second most valuable NFT, with a minimum rate of 71.5 SOL. Moreover, the platform indicates that weekly transaction volumes for NFTs on Solana have surpassed $100 million. Yuriy Mazur, chief of data analytics at cryptocurrency exchange CEX.IO, stated last week: “Solana is indeed trying to prove itself to be a robust and better substitute to Ethereum.”
“It has a long road ahead to go before it can be considered a significant DeFi and NFT framework […] Nevertheless, in order to compete with other blockchains, such as Cardano and Ethereum, better software updates and functionalities must be debuted in order to maintain its rise.”