Solana ($SOL), the seventh-largest cryptocurrency by market seems to be in hurry to stall its current bullish momentum. The altcoin posted a new all-time-high (ATH) earlier today of $150.4 and is up 70% over the past week. The market cap of $SOL grew over $42 billion helping it replace Dogecoin ($DOGE) to take the seventh spot.
$SOL was trading just over $1.5 at the start of the year, growing 150X in the past nine months and has grown nearly 5X since August when the crypto market started showing signs of recovery from the May market crash. The altcoin shows no signs of slowing down and has now set its eyes on the $200 mark.
Many expect a pullback is on the cards given $SOL has only moved upwards for nearly five weeks now and the next key support lies around the $130-$140 range. However many others believe $200 won’t be an issue after crossing the $150 mark.
— Don Crypto (@DonCryptoDraper) September 3, 2021
Solana Outpace Ethereum in Defi TVL
Solana’s price momentum is no fluke and is based on the growing usability and ecosystem along with the price. The Solana ecosystem currently hosts more than 400 projects that comprise several, Defi, Dapp, and NFTs. $SOL outperformed Ethereum in terms of total value locked (TVL) in DeFi projects
Solana is often deemed as the Ethereum killer because of its similar functionalities and same services. The scalability is a plus for the Solana blockchain something it can give ETH a run for its money. At a time when the Ethereum blockchain is burdened with heavy projects running on top of it, the likes of Solana and Polkadot has become the biggest beneficiary with their scalable and cheaper solutions. Solana fits right into the mix for those who don’t want to use Ethereum either because of high gas fees or scalability problems.
Apart from Defi, Solana has also created a lot of hype in the NFT market with its flagship NFT collection Degenerate Ape consisting of 10,000 unique digital collectibles that were sold within 8 minutes of the start of the auction.
We sold out in 8 minutes. Holy Ape.
No the drop was NOT smooth. It was shitty at best. We did A LOT wrong and the team was overwhelmed with the wave that hit us in the past week. It was exponentially bigger than we thought. Please ape rage in the comments /1 pic.twitter.com/HCccxoSoQn
— Degenerate Ape Academy 🎓 (@DegenApeAcademy) August 15, 2021
The top NFT from the Degenerate Ape collection is valued at over $16.2 million and the floor price has increased from 10 $SOL to 90 $SOL now.