Solana reaches new ATH, heading for $200
The Solana token reached a new all-time high of $194.82, gaining 29.21% in price per day. At the same time, the market capitalization of the SOL token has broken the $55 billion mark.
Developed by ex-Qualcomm employees, Solana promises to be one of the most innovative blockchain startups in years. Many cryptocurrency experts believe that the main reason for this is an increase in the processing speed of transactions by 6,000 times in comparison with Ethereum, as well as the maximum possible reduction in fees.
The rise of SOL looks logical, given that the cryptocurrency market today critically needs a blockchain with high bandwidth and support for smart contracts. And given the regular jumps in the cost of gas on the Ethereum network, there is also an urgent need for balanced, or even better minimum fees.
Over the past month, SOL has taken off one after the other. The token, which was traded at $35 on the Huobi exchange in early August, is now worth almost $200. The previous ATH was reached yesterday when FTX CEO Sam Bankman-Fried announced the launch of his own NFT marketplace. Solana then cemented its high above $150 per token.
Meanwhile, TVL dApps, built on the Solana blockchain, approached 6 billion, overtaking an equally promising competitor in the face of TVL Polygon with an indicator of $5.21 billion. The token even managed to defeat one of the main darlings of the crypto community Dogecoin, surpassing it in market capitalization by almost $20 billion - $55 billion from SOL versus $37 billion from DOGE.
Rescues Solana tokens and the total volume of investor activity, demonstrating confidence in the continuation of the upward trend. The closest rival that SOL may leave behind this week is Ripple with a capitalization of $60 billion. To do this, Solana needs to overcome the $230 threshold for one token. SOL is now priced at $186.41 on Huobi.
Previously, SOL had already overtaken the market caps of DOT (Polkadot), LINK (Chainlink), and UNI (Uniswap). Therefore, rivalry with the main "enemy" Ethereum no longer seems so unattainable. In addition, the innovative consensus model, which has generated interest from both individual traders and institutions, has only reinforced the belief that the project team is moving towards its main goal to make DeFi more accessible on a large scale.
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