Solana (SOL) reached a new ATH of over $100. This means that the project gained over 250% in one month. The price pump was partially attributed to the ecosystem’s entry into the NFT
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price of Solana has experienced significant growth over the past few weeks. Time and again, the coin reached new peaks to finally break through the psychological barrier at above $100. Thus, Solana became the 8th largest cryptocurrency in terms of market capitalization. At the time of writing this article, SOL costs exactly $103 per token
and has gained over 12% in the last 24 hours.
Solana has a market capitalization of nearly $30 billion and its 24-hour trading volume is hovering around $2.6 billion.
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maximum supply of Solana is 488,630,611 with 290,944,595 units already in circulation. In addition to using the asset as a speculative trading tool, the team behind Solana has worked tirelessly over the past few years to build the next generation DeFi
Moreover, DeFi’s leading ecosystem, Ethereum
, has experienced serious bandwidth challenges and high transaction costs. As a result, alternative decentralized DeFi protocols have emerged and Solana has proven to be the best choice for most developers.
It is worth noting that the asset has gained around 2359%, 202%, 82% and 33% over the last one year, 30 days, fourteen days and seven days respectively.
Solana grows by institutions and NFT entry
Amber Group, the project has also seen a significant increase in demand from institutional investors.
Generally, money flowed into Ethereum alternatives such as Solana, Cosmos, Luna and Avalanche.
This claim is supported, for example, by the fact that Osprey Funds recently filed for the Solana Fund with the US Securities and Exchange Commission. The Osprey Solana Trust is intended to give wealthy institutional investors a chance to access the regulated Solana market.
The price pump has been partly attributed to the NFT venture by Ecosystem. The ecosystem entered the NFT market by launching Degenerate Ape Academy. Over 10,000 unique pieces of art were reportedly sold in the first few minutes. Huge
The demand for SOL tokens, needed to trade NFT, has caused huge increases. Packy McCormick, author of the newsletter Not Boring, noted in a recent essay entitled Solana Summer:
When people bought SOL and became convinced of the speed and low cost of trading, they became more bullish.
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