Recent engagements and user activities have contributed greatly to a huge price surge for SOL as it has entered the top 10 coins. In the past month, SOL was one of the outstanding performers and this has led to its ranking among the top 10 with an ATH of $65. This comes amidst the recent achievements of the Solana blockchain among which includes recording an ATH for transactions and a fresh NFT collection that caused eyebrows to rise.
The recent rise of Solana
Regarded as the blockchain set to outrank Ethereum, Solana projects itself as a high-performance blockchain that readily supports builders to create crypto apps that can rise and survive in the crypto world today. In recent months, its network has enjoyed significant popularity among developers and users.
This is seen in the total number of transactions which according to the project’s website exceeded 24 billion, which is quite remarkable. The total value locked in it has also gone down at over $1.9 billion which is a record.
Home to numerous NFT projects, the Solana network has been able to successfully capitalize on the exponential growth of the non-fungible token (NFT) sector. A recent launch to cause an increase in user interactions was undertaken with the Degenerate Ape Academy.
Even though the launch wasn’t as successful as projected, it still attracted new highs in transaction volume. This was observed on Arweave, an active bridge with Solana. According to Arweave’s founder on Twitter, he stated that the volume of daily requests on the network reached a height of 60 million requests per day. Another feat recorded was that when the Degenerate Ape Academy product was released, Arweave received 1 million requests in a single minute.
SOL reflects success and enters the top 10
As expected, the recent breakthroughs of Solana have impacted positively on the price of its native cryptocurrency – SOL. On a major scale, the token began 2021 at around $1.5 but the bull run in the first half of the year saw it reaching $58.5 which is an all-time high on Bitstamp. The 3,750% surge in months saw SOL, as with most of the market, fall heavily to $20 in July.
Despite its rise and fall, interest in this token is still high as a product tracking the performance of SOL was launched. This was done by a Swiss-based ETP issuer.
The token’s price was low for weeks but just as the market recovered, it reached $45 this weekend. Its upsurge isn’t over yet and as expected, it has done the opposite.
In 24 hours, it has intensified, exploding by more than 40% and reaching a new price of $65, a record sure to remember. With a market capitalization that grew by $18 billion, it has found its place in the list of top ten digital assets. Presently SOL stands at over $60 having retraced slightly. It however remains one of the players this year with 3,900% in gains since January 1.
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