Solana, an open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions is on the rise as it has appreciated over 180% in the last 4 weeks to create a new all-time high of $74.89 as of the time of this writing.
What you should know
SOL, the native token of the Solana blockchain, is now ranked the 10th most valuable cryptocurrency surpassing Uniswap, a well-established DeFi platform, with a market capitalization of approximately $19.6 billion.
Solana is unique in its own way because the network aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Also due to the network’s incredibly fast processing time and low transaction cost, it has been able to compete and thrive in an already competitive market by attracting the attention of institutional investors.
What they are saying
Popular trader and crypto analyst, Rekt Capital, stated, “Solana has rallied +60% since confirming a breakout past the downtrend, rallying to new All Time Highs.”
Another well-known trader, who goes by the alias “Pentoshi” on Twitter, mentioned that he expects the price of SOL to keep raising, after saying the current price of SOL is an “absolute steal”, at current price levels. He stated, “SOL in price discovery. IMO if $56–60 comes that [is] an absolute steal now that it has made new ath’s. That should be new support and the sky is the limit. Got some bids filled at the daily open Already up big today.”
According to DeFi Llama, the Solana blockchain’s Total Value Locked (TVL) has also appreciated to a new ATH which currently stands at $2.07 billion as of the time of writing this article. It gained over 100% in the last 4 weeks with Raydium, an automated market maker (AMM) and liquidity provider built on the Solana blockchain, leading the charge with its TVL currently standing at $856.44 million. It also represents 41.44% of the TVL of the entire Solana ecosystem.
This indicates that investors are seeing the Solana network as a real game-changer in the DeFi space. The native token has however dropped below its ATH that was created today by 8.35% as it currently trades $69.75, as of the time of writing this report.