Solana fans rejoice! Solana Price now stands above $100. The cryptocurrency finally had a massive achievement by dethroning Polkadot of the 8th place in the ranks.
Solana Price Hike
Considering the impressive 250% growth in only a month, SOL was hot in demands as an Ethereum alternative. And finally, Solana price has entered the +$100 club. Solana has a market capitalization of approximately 28.5 billion, and an insane 24-hour trading volume of about 2.1 billion in the past 24 hours. In terms of Supply and circulating units, there are 290,944,595 units out of 488,630,611.
Why Did Solana Skyrocket?
The Solana network is a next-gen DeFi infrastructure seeking to cut down on gas and transaction fees. Considering the high transaction fees of the primary altcoin infrastructure that is Ethereum, there are numerous alternative hubs in a fierce competition. Generally speaking, the Solana, Cosmos, Luna and Avalanche are the four primary competitor networks. And in case of Solana, it was essentially the institutional investors who favored the network and caused this huge jump in price. It should also be noted that Luna has had amazing success in the past few weeks too. Read more about it here.
Furthermore, the explosive hype for NFT`s and the launch of Degenerate Ape Academy managed to bring massive amounts of money into the network.
What does this mean for Ethereum?
Considering the powerful competitors on the rise, it is obvious that institutional money is moving out of the Ethereum network. At the end of the day, transaction fees will determine which network stands above the rest. In that regard, we should wait and see how Ethereum 2.0 will perform.
What Does the Future Hold for Solana?
Honestly, at this point, SOL looks to be holding a bright future. First of all, in terms of transaction fees, it is one of the best performing networks out there. Secondly, the scalability and speed is also on par with the best in the world. Lastly, NFT`s are performing better than ever and SOL plays a significant role in that as well. In many regards, Solana price is expected to climb even higher thanks to the solid and efficient ecosystem.
Good News!
We are proud to announce hi.exchange will soon add Solana to the list of supported cryptocurrencies for exchange. Make sure you check our blog on a daily basis as well as on social media to stay up to date with our latest announcements, Opinion articles, news and technical analysis.
