Why is Solana (SOL) crypto gaining attention?

June 16, 2022 11:41 PM AEST | By Rupam Roy
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  • Solana is an open-source blockchain project offering ‘permissionless’ services.
  • The SOL token can be traded on Binance, FTX, etc.
  • Its highest price was US$58.04 in the last 30 days.

Solana (SOL) crypto jumped more than 9% on Thursday alongside a fragile recovery in the broader crypto market. SOL’s trading volume also rose 27% in the last 24 hours.

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What is Solana (SOL)?

Solana is an open-source blockchain project offering permissionless decentralized finance (DeFi) services. The Solana Foundation created the project in 2017, but it was launched in March 2020.

The protocol is designed to facilitate the creation of decentralized applications (DApps) and enhance scalability through its proof-of-history consensus and proof-of-stake (PoS) mechanism.

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Solana attracts both small-time traders and institutional investors due to its hybrid consensus model. It aims to provide DeFi access to all crypto buffs. Its hybrid protocol ensures quick validation for transactions and smart contract execution.

The SOL token trades on exchanges like Binance, FTX, Huobi Global, etc.

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Why is it rising?

The Solana (SOL) token and other cryptocurrencies rose after the US Federal Reserve raised the interest rates by 75 basis points on Wednesday.

Also, Robinhood on Wednesday said that SOL token holders can now move their assets to other wallets through the Robinhood App.

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Solana (SOL) crypto price and performanceData Source: CoinMarketCap.com

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Bottom line:

The SOL coin traded at US$31.51, up 9.55%, at 8:11 am ET on June 16. Its volume in the trailing 24 hours rose 27.18% to US$2.42 billion. Its market cap is US$10.78 billion, and its fully-diluted market cap is US$16.06 billion.

The token has a total supply of 511.61 million, and its current circulating supply is over 342.21 million. Its highest price was US$58.04, and the lowest price was US$26.14 in the last 30 days.

Also Read: What is Kusama (KSM) crypto? All you need to know

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