Solana keeps breaking new records

Solana, which has seen serious growth in recent days and is delighting investors, is hitting a new record high every day.

Sponsored Sponsored The

rise in popularity of Solana (SOL), fueled by the recent NFT and DeFi

craze, is putting a smile on investors’ faces. Climbing to the seventh largest cryptocurrency by market capitalization.

Solana Continues Its Growth Charts

According to the data obtained, SOL, which was up over 70% in the last week, has seen a 300% increase in the last month. SOL, which was trading at $146 at the time of writing , has set a new record for itself, reaching $150 today.

Sponsored Sponsored Solana keeps breaking new recordsSolana keeps breaking new recordsSolana – Tradingview, 1h chart

With a market capitalization of over $43 billion, SOL has become the seventh largest cryptocurrency, displacing Dogecoin

. Analysts say that the rise in SOL’s price is also linked to the overall cryptocurrency market. With that said, it is important to note that there are various reasons for the growth of the cryptocurrency. According to the statements made, apart from the revival in the overall cryptocurrency market, the rise in popularity of the area of non-convertible tokens has caused the SOL price to rise.

Solan’s growth in the NFT ecosystem

Interest in NFT reached a very high level in 2021. However, interest in this space dropped when Bitcoin (BTC) and Ethereum

(ETH) fell by more than 50% between May and June. According to NonRarible.com, monthly sales volume fell from $520 million to $59 million during the same period, a drop of nearly 80%.

However, it is important to note that interest in the ecosystem has increased with the entry of well-known names into the NFT space. Thus, NFT is stronger than ever and is breaking new records. August saw a total transaction volume of $3 billion. This is almost 1000% higher than the $325 million in July.

So it is no coincidence that the price of Solana’s NFT project tripled when Degenerate Ape Academy was launched. Thus opening the door for other NFT projects to build on the SOL blockchain.

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