While the majority of the crypto market is recovering from the recent setback, Solana is once again booming with a fireworks display.
After the stormy swell in the crypto ocean, the market situation seems to be gradually calming down. Bitcoin, for example, was able to stop its downward trend for the time being after the digital store of value had previously suffered losses of up to 15 percent. At the time of going to press, the crypto currency is trading up at $ 46,258. Stocks for 14,534% profit? If you had bought Sartorius in 2009, you would have 1,017,380 euros in your depot today! Now top analyst Gelfarth reveals: These 3 stocks will be the new Sartorius, so you have another chance at these profits! You can find out which stocks are involved in the free special report. (Also Read: Salvador bought 400 Bitcoin (BTC) and is ready to legalize cryptocurrency , price forecast and more)
A somewhat more positive picture emerges in the altcoin sector. The ten most valuable cryptocurrencies in terms of market capitalization all recorded gains of between 3.8 and 8.37 percent. The absolute winner of the day goes by the name of Solana. Once again, it must be said. Because the course of the self-proclaimed Ethereum competitor has had an impressive rally since the crash. In the past 24 hours, the SOL course has increased by a full 30 percent. A few hours ago, the high-speed blockchain project even hit a new all-time high at $ 214.96. At press time, Solana is trading at $ 206.30.
The upward journey from Solana has been going on for over a month. While the SOL price was just under 40 US dollars at the beginning of August, the value of the cryptocurrency has risen by 435 percent since then. With the continuous increase, the Ethereum competitor gradually managed to move up more and more in the top 10 ranking. With the recent outbreak, Solana has now displaced the “bank coin” Ripple from sixth place. There is now a nearly $ 10 billion discrepancy between SOL and XRP’s market capitalization. Incidentally, there is a similar lead over positions five and four. For this, however, another course fireworks of the same extent would be necessary.
Lido staking protocol now also supports Solana
The basis for the ongoing price increases of the Ethereum competitor are based on a series of events that repeatedly caused new outbreaks. For example, Solana grew by 40 percent in mid-August when the NFT project of the “Degenerate Apes Academy” was launched. It was a digital map collection, similar to the CryptoKitties, which users could create themselves for a fee of 6 SOL. Apart from that, the DeFi ecosystem in the Solana network has been booming in the past few weeks and has enjoyed increasing investment interest. The headlines were made by the 70 million US dollar funding from the DeFi exchange “MangoMarkets”, which is based on Solana.
In addition, there is now more news. Because as the US medium The Block reports , the staking protocol Lido Finance is said to have given its users the opportunity to stake Solana in addition to Ethereum and Terra. For the inclusion of their SOL, users receive a synthetic equivalent in the form of “stSol”, which can then be used for further return options within the decentralized finance.
What is Solana (SOL)
Solana is a cryptocurrency based on blockchain technology that Anatoly Yakovenko founded in 2017. It seeks to provide solutions to the traditional problems that the Bitcoin and Ethereum blockchain are facing in today’s time.
Furthermore, the Solana network uses proof of history consensus. This technology enables the network to create records that can be used to track and prove historical events.
The Solana network has its own native cryptocurrency: SOL token. As a result, the network uses this token as a reward to all its community members on the platform. For all the interested traders and investors, the token is available at cryptocurrency exchanges such as Binance, OKEx, and VCC Exchange to name a few.
Regarding the Solana technology team, the crew is backed with professional experience from top organizations around the world. These organizations include Apple, Qualcomm, Intel, Google, Microsoft, Twitter, Dropbox, and more. With this, we can say that Solana is really competitive in creating groundbreaking technologies.
Solana (SOL) Market Position
Solana is one of the most talked-about digital assets in the crypto world lately. This is because of the extraordinary performance that the crypto has delivered in the past months of the year. For this reason, the crypto was able to maintain its position along with top cryptocurrencies in CoinGecko.
To be specific, crypto has a market capitalization of over $54,066,327,191 with a 24-hour trading volume of almost $9,164,166,672. This is a market position that could attract investors around the world.
Now that you already have an idea about what SOL cryptocurrency is, do you think SOL is a good investment this year? If you are already excited to know, come, and together let us check this SOL price analysis and price prediction article.
Conclusion
SOL has a bright future ahead of it in 2021. With the ongoing developments happening within the SOL ecosystem, as well as in the overall crypto market, we may see SOL reach new heights.
Bullish SOL price prediction 2021 is $379. As said above, it may even reach $400 if investors have decided that SOL is a good investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.