- Solana prices have been escalating over the past few weeks and touched an all-time high of $83.44 on Friday.
- Solana is an open-source project which provides decentralised finance (DeFi) solutions.
- The leading cryptocurrency was up by 22.98%, with a 24-hour live volume of $3,891,617,204, according to CoinMarketCap.
Solana (SOL) has hit a purple patch of late. The altcoin showcased a strong bullish momentum coupled with good volume on Friday. Solano’s rally has helped it to break into the top 10 cryptocurrencies as per the market cap. SOL was up by 22.98% at the time of writing (BST 1:15 pm) as per CoinMarketCap. SOL as per CoinMarketCap was trading at a volume of $3,891,617,204 with a live market cap of $23,997,913,544. Solana has given the top cryptocurrencies like Bitcoin, Ethereum, Cardano etc., a good run for their money, consolidating its returns week after week.
Solana an open-source project for DeFi solutions
Solana is an open-source blockchain project, which aims to provide decentralised finance (DeFi) solutions. The project functions on the proof of history consensus with the proof of work (PoW) consensus. Solana is often considered one of the strongest competitors of Ethereum when it comes to the functioning of the protocol. With interoperability one of the key criteria, Solana’s low transactions fees make it one of the most effective blockchain protocols in the cryptocurrency world.
Due to its short processing time and its hybrid protocol system, Solana is considered to be one of the shortest time-consuming blockchain networks that can be used for transactions as well as for and smart contract execution. It’s also one of the reasons why it has attracted lots of institutional interest as they can save up on time and the transaction cost involved in the process.
Why is Solana soaring?
Solana’s recent rally is courtesy of Osprey Funds’ registration into the Solana trust. This has attracted a lot of institutional interest. Besides that, as many as 13 assets were added to the Grayscale platform recently. With the DeFi Boom, Solana too has generated solid interest amongst the investors and traders alike. With the other cryptos, not fairing that well on the market has just helped Solana’s case in the strong rally.
Mixed day for the crypto market
While earlier this week on Monday, the crypto market witnessed a great day, Friday has been a mixed bag. Bitcoin, the leading cryptocurrency was in fact was up by 1.49% with the 24-hour trading volume of $30,72,53,36,296 and a live market cap of $8,97,60,67,74,934.Ethereum, too relatively doing well, registering a gain of 2.07%. ETH is currently trading near $3,166.52 with a 24-hour trading volume of $ 6,73,35,37,886.
However, other coins weren’t that well placed on Friday.
How high can Solana go?
Experts predict that Solana can hit the $100 mark soon enough, assuming this rally continues. With the rally not showing signs of weakening, we could well see Solana climb up into the top 8 and consolidate from thereon.
The cryptocurrencies in the past have shown the tendency of waning off as the weekend arrives. However, going by the trend that Solana has witnessed, for now, there is nothing stopping this cryptocurrency.