Ripple left behind: Solana in the fast lane

While most of the crypto market is recovering from the recent setback, Solana is once again coming up trumps with a price fireworks.

After the stormy seas in the crypto ocean, the situation in the market seems to be gradually calming down. Bitcoin, for example, was able to stop its downward slide for the time being, after the digital store of value had previously suffered losses of up to 15 percent at times. At the time of going to press, the cryptocurrency is trading very slightly higher at 46,258 US dollars.

The picture is somewhat more positive in the altcoin sector. The ten most valuable cryptocurrencies by market capitalization are all posting gains of between 3.8 and 8.37 percent. The absolute winner of the day, however, goes by the name of Solana. Once again, it must be said. That’s because the price of the self-proclaimed Ethereum competitor has been able to put together an impressive rally since the crash. In the past 24 hours, the SOL price has gained a full 30 percent. A few hours ago, the high-speed blockchain project even set a new all-time high at $214.96. At the time of going to press, Solana is trading at 206.30 US dollars.

Ripple left behind: Solana in the fast laneRipple left behind: Solana in the fast laneRipple left behind: Solana in the fast laneSolana price over the course of the week

The upward trend of Solana has been continuing for more than a month. While the SOL price was still at just under 40 US dollars at the beginning of August, the value of the cryptocurrency has risen by 435 percent since then. With the continuous rise, the Ethereum competitor has managed in stages to push itself more and more forward in the top 10 ranking. With the recent breakout, Solana has now displaced “banking coin” Ripple from sixth place. Meanwhile, there is a discrepancy of nearly $10 billion between the market capitalization of SOL and XRP. Incidentally, a similar gap results for fifth and fourth place. However, this would require another price fireworks of the same magnitude.

See also  Subway's competitor wants to accept Bitcoin (BTC): in the US, sandwich giant Quiznos innovates

Staking protocol Lido now also supports Solana

The basis for the sustained price increases of the Ethereum competitor are based on a series of events that repeatedly provided for new breakouts. For example, Solana surged 40 percent in mid-August when the “Degenerate Apes Academy” NFT project was launched. This was a digital card collection, similar to CryptoKitties, that users could create themselves for a fee of 6 SOL. Away from this, the DeFi ecosystem on the Solana network has been booming in recent weeks, enjoying increasing investment interest. For <a href=””>The headlines here were made, for example, by the 70 million US dollar funding from the DeFi exchange “MangoMarkets”, which is based on Solana.

This is now joined by further news. For as the US medium The Block reports, the staking protocol Lido Finance is said to have opened up the possibility for its users to now be able to stake Solana alongside Ethereum and Terra. Users receive a synthetic equivalent in the form of “stSol” for the inclusion of their SOL, which can then be used for further return options within decentralized finance.