Solana Leads Massive Altcoin Rally, Up 300% in One Week
Rumored to be the fastest blockchain in the world, Solana has been making huge strides with its own token rallying 13,000% year-to-date!
The SOL token turned heads this week when it reached an all-time high of $214.36. The price later corrected to $156.52 after a recent mishap briefly took its networks offline for a devastating 17 hours. The company has stated that they will be issuing a “detailed post mortem” analysis of the issue as well as the corrective measures are taken. Still, SOL has more than tripled in the last month and saw gains of 300% in just one week, making it one of the top ten coins by market cap.
It appears as though altseason is finally upon us.
Institutional players appear to be flocking to Solana for several reasons including demand from the much sought-after NFT market as well asFTX launching a cross-chain trading platform. Solana’s high speed and low fees, coupled with its ability to support high-frequency trading have made it very appealing to institutional players with many considering it a strong rival to the Ethereum network. Despite the fact that NFTs have traditionally been created and sold on Ethereum’s blockchain, high fees and congestion have pushed creators to explore Solana’s blockchain for NFT creation and sales. The adoption of Solana by creators and sellers has been gaining momentum across social media, with TV presenter Steve Harvey changing his Twitter display photo to a Solana Monkey Business NFT. Solana has launched several marketplaces (such as Digital Eyes and SolSea) in an attempt to keep up with this booming market, recently grabbing its first million-dollar NFT sale.
In a blog post published on Medium back in 2018, the founder and CEO of Solana Anatoly Yakovenko revealed that Solana’s networks can support “more than 50,000 transactions per second,” a long shot from Ethereum’s 30 transactions per second.
Also noteworthy is Sam Bankman-Fried’s FTX announcing it will be launching a cross-chain NFT marketplace wherein creators and owners will be able to trade their NFTs cross-chain using both Ethereum and Solana.
With many players currently in the DeFi marketspace, it is clear that Solana has broken through the noise through its embrace amongst both institutional and retail investors.For more on Solana’s rally and other blockchains, watch this: