Solana’s price rise accelerated throughout the night as demand for the coin skyrocketed. The SOL token jumped to an all-time high of $128.10, bringing its total market cap to more than $32 billion. This surge has made Solana the eighth largest cryptocurrency in the world.
Solana is the new big thing
Solana is a rapidly growing blockchain network. With its help, developers can create all kinds of decentralized applications (DAPPs) and autonomous organizations (DAOs).
The company behind it was founded a few years ago and has raised more than $315 million from some of the biggest Silicon Valley investors like Andressen Horowitz and Polychain Capital.
Solana has become a strong Ethereum competitor. It was also built from the ground up with proof-of-stake technology that is faster and more reliable under normal conditions. The Ethereum folks are currently working on evolving it from a proof-of-work network.
Solana transactions are very fast with an average TPS (transactions per second) of more than 2,000. This is significantly faster than Ethereum, where it can handle less than 20 transactions per second. Solana is also more scalable and has built-in interoperability capabilities.
Solana’s share price has rallied in recent days as investors remain bullish on both Ethereum and its alternatives. Investors believe that these coins will continue to rise in value as the industry matures.
For example, the decentralized financial industry (DeFi) is now worth more than $100 billion, plus NFT sales surged to more than $2.5 billion in the first half of the year. That was tremendous growth compared to the $14 million in sales during the same period in 2020.
Solana’s ecosystem has been growing rapidly of late, with the number of projects running in it increasing to more than 400. This trend is likely to continue as the ecosystem becomes more popular.
Solana Share Price Forecast
A look at the daily chart shows that the preis development of SOL looks very similar to other altcoins such as Ethereum and Polkadot. The cryptocurrency found strong support at $19.30 and then fell back a bit. Last week, the price rose above the previous all-time high of $58.30 and is currently at $114.
It is above the short- and long-term moving averages and at the top of the Bollinger Bands. Oscillators such as the MACD and RSI have also rallied. Therefore, the coin is likely to maintain the uptrend as investors target the key resistance at $150.