Solana SOL token hit a new high of $ 52.42 amid growing network adoption and a key technical breakthrough. Thus, the coin entered the top 15 cryptocurrencies by market capitalization, as its market capitalization grew to $ 13.6 billion. And this is despite the bearish activity on many crypto projects.
Solana significantly outpaced Bitcoin and Ethereum on Sunday, as the two largest cryptocurrencies remained depressed following a major market crash following Elon Musk’s announcements, coupled with deteriorating investor sentiment.
There was a sharp decline in the cryptocurrency market. Coins and tokens flowed in all directions, causing losses of 20% or more. However, there was one cryptocurrency that, despite everything, continued to grow. While the rest of the market crashed, the Solana blockchain token raised the rating by 50%. And it continues to grow.
We would like to note that SOL started the year trading at $ 1.50. The recent all-time high now means that SOL is up 3,100% in 2021 alone.
Its surge is unsurprising as it has been called a crypto project that will outlaw Ethereum. The hunt for cheaper Ethereum alternatives is also a potential reason for Solana’s recent surge in network activity.
The Solana ecosystem grows
The official Solana says the project offers “a fast, secure and censorship-resistant blockchain that provides the open infrastructure needed for global adoption”.
Over the past few months, the project has expanded into key market segments including Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT).
The Solana project is not yet a year old, but it has already established itself in the crypto industry.
It has already been noticed by such cryptocurrency companies as AscendEX and OKEX. The team even got access to a $ 20 million fund from OKEx’s Block Dream Fund.
It is possible that Solana will be able to compete with Ethereum. Given how quickly Solana’s ecosystems are growing, it can be assumed that technical development has been a lower priority in the past few months. However, the project still has a lot to do. In addition, Solana has many competitors in its pursuit of Ethereum, including Cardano, Binance Smart Chain, and Polkadot.
Although we should note that the Solana blockchain already has 10 times more daily transactions than Ethereum.
Galaxy Investment Partners CEO Mike Novogratz recently commented on the project, calling it a “good horse”.
Updates and growth
In addition to advances in tech, the blockchain ecosystem has seen incredible growth in the past few months. In late October last year, Circle partnered with Solana to develop the USDC stablecoin on the Solana blockchain. USDC was launched earlier this year and is now over $ 470 million on the blockchain. A few days later, Audius announced that they would be migrating their decentralized streaming protocol from Ethereum to Solana.