InstaForex

August 30, 2021

Solana (SOL) Getting ‘Crazy’!

 Solana (SOL) continues to show positive movement and has now penetrated the top 10 position with a market value of over $ 28 billion based on CoinMarketCap.


These assets also outperform the market values ​​of Polkadot (~ $ 25 billion) and Uniswap (~ 16 billion).


Its growth was largely driven by rising interest rates among institutional investors who are confident of the development of the Solana ecosystem, including the non-fungible token (NFT) and DeFi markets which are currently in a craze.


The launch of Degenerate Ape Academy on the Solana blockchain two weeks ago saw 10,000 unique works of ape cartoons sold in 10 minutes, putting pressure on SOL prices.



Just recently SOL posted its latest all -time high (ATH) price, $ 98.86, proving this asset has doubled since Aug. 15.


Crypto financial services firm Amber Group has explained that several crypto projects besides Solana, such as Cosmos (ATOM), Luna, and Avalanche (AVAX) saw large amounts of fund inflows.


Those assets at the same time have recorded a jump of over 80%, surpassing the Ethereum (ETH) record for over 4 weeks.


So far there is no reason for these assets to record a decline, "Solana will be the largest platform for the DeFi and NFT sectors." - Token Metrics chief technical analyst Bill Noble.


At the time of writing, SOL is trading at $ 98.40 down 0.48% from ATH’s record, yet still registering an increase of over 2% in 24 hours.