Solana Summer continues and SOL reaches all-time high
Solana Summer continues and SOL reaches all-time highSolana Summer continues and SOL reaches all-time highSolanaSolana

The Solana Summer continues and SOL jumped 14% in 24 hours. Thus, Solana has reached another all-time high of $157. This makes the coin, with a market cap of $45.8 billion, the seventh largest cryptocurrency.

Solana at a new all-time high

Solana is currently making an absolute climb. The bulls continue to push the coin north, and SOL has seen a 14.71% increase in 24 hours. With that being said, Solana only came onto the market about 1.5 years ago and no one had any idea how outstanding this coin was performing. Overall, SOL has gained 70.632% in those 1.5 years and is now the seventh largest cryptocurrency by market cap at $45.8 billion.

SOL wasdeveloped by former Qualcomm employees. In the process, the coin promises a number of innovations that should not only shorten transactions, but also increase capacity. It also aims to reduce the cost per transaction to a fraction of a cent.

The most important innovation, however, is likely to be the proof-of-history. This novel consensus algorithm is designed to verify transactions using a cryptographic clock to logically deduce whether someone is able to fund them.

Solana buzzer comes at the right time

The excellent SOL rise is called by some Solana Summer. In doing so, this Solana buzzer comes at the time when the market is looking for a smart contract-enabled blockchain that not only has high throughputs but can also have low costs.

Solana’s new all-time high comes with the launch of the NFT marketplace on FTX. This allows people to trade NFTs through Solana and Ethereum. The marketplace got off to a weird start after users spammed the exchange with fish images. Moreover, FTX.US also briefly increased the fee for minting an NFT on the non-fungible token marketplace.

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However, the rest of the market also supported SOL’s run today. Bitcoin rose to just under $52,000. Ethereum also flirted with the $4,000 mark again.

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