The cryptocurrency SOL connected to the Solana network is now on the seventh spot. It is amongst the world’s top 10 most powerful virtual coins amid the positiveness that Solana’s blockchain network can be a long-term contender to Ethereum.
According to research, Solana’s SOL token has multiplied by three times in the past three weeks and now has a market cap of more than 41 billion dollars. Moreover, supporters glorify the proclaimed speed and reduced cost of trades on Solana for digital collectibles and decentralized finance, applications where Ethereum overwhelms.
Solana has a flourishing ecosystem on which the projects are being built, benefiting massively from the mania that’s handling place in NFTs, says Antoni Trenchev. He is the co-founder of a crypto lender Nexo, reported via an email. Non-fungible, also known as NFTs, are used for trading digital collectibles. He stated that the backing of crypto whale Sam Bankman-Fried, the chief executive of crypto exchange FTX is helping.
Solana claims to be the globe’s most rapid blockchain, and the website assures that the average cost per trade is $0.00025. In June 2021, it reported that it had raised $314 million in funding with the help of investors, which included a venture capital firm Andreessen Horowitz, CoinShares, Bankman-Fried’s Alameda Research, Polychain Capital.
Prominent players in the crypto space, such as Jump and FTX, acknowledge its potential, claimed Alexandra Clark, she is a sales trader at a digital asset broker GlobalBlock in the U.K., in an email. She continued to convey that the network’s incursion into NFTs with Solanart, the marketplace is built on the SOL blockchain, has been functionally being driving the price of altcoin’s higher. As a result, SOLs will continue its’ current price rally in the near future.
Pyth Network, a Jump Trading-affiliated crypto market data service, became online on Solana’s mainnet late last month, a step that is expected to help the field of decentralized finance grow. There are also plans for it to be able to transmit market data over the so-called Wormhole Network in the near future.
SOL is growing too large to ignore, according to FTX’s director of over-the-counter and institutional sales, and provides a different smart contract approach than Ethereum.
The different alternative coins like So-called alternative coins like Binance Coin, Cardano’s ADA, and Solana’s SOL, are surging since the last few weeks. They have been taking away the limelight from top coins like Bitcoin and Ether in an expansive crypto resurgence from a May rout. Bitcoin has also rebounded and come close to $52,000 in November.
Skeptics claim the technological upgrades driving some tokens is not enough to justify the scale of the rebound.