Solana Joins The Crypto Olympus As Adoption Grows

Solana SOL/USD is now the sixth-largest crypto based on market cap after a long period of staggering growth.

What Happened: According to CoinMarkerketCap data, Solana is one of the few coins that swims upstream and shows a price increase of about 10% over the last 24 hours despite Bitcoin BTC/USD and nearly all of the broader market slumping down. It's trading at $171 after having tripled in about three weeks.

Bloomberg notes in a recent article that Antoni Trenchev, co-founder at crypto lender Nexo, said "Solana has a growing ecosystem, projects are being built on it and it’s benefited hugely from the mania that’s taking place in NFTs."

How to Buy Solana (SOL)

A sales trader at U.K.-based digital asset broker GlobalBlock similarly said that "major players in the space, such as FTX and Jump, are recognizing its potential" while FTX CEO Sam Bankman-Fried backing Solana helps further. She concluded that "SOL’s current price rally is likely to continue.”

Solana claims to be the world's fastest blockchain and — much like Ethereum ETH/USD — it supports the complex smart contracts necessary to host decentralized exchanges and decentralized finance protocols. Its much faster and cheaper transactions compared to Ethereum make it a tempting choice for developers looking to launch their decentralized applications.

The head of over-the-counter and institutional sales at FTX highlighted that Solana is "becoming too big to ignore and offers a different smart contract solution to Ethereum."

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyMarketsSolana
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...