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Solana Moves Up to the Top 10 Cryptocurrencies on CoinMarketCap

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Solana Moves Up to the Top 10 Cryptocurrencies on CoinMarketCap

SOL was one of the top performing cryptocurrencies last month, entering the top ten after hitting a record high of around $65. This comes amid numerous developments and records from the Solana blockchain, including ATH for transactions and a fresh NFT collection drop that raised quite a few eyebrows.

What Happened With Solana Lately?

Known as the (next) “Ethereum Killer”, Solana describes itself as “the high-performance blockchain that helps builders around the world create today’s scalable crypto applications.” In recent months, the network has gained popularity with people and users have increased dramatically.

This is reflected in the total number of transactions of over 24 billion, according to the project’s website. Additionally, the total value locked in Solana has set a record of more than $1.9 billion.

Blockchain is also home to many NFT projects. Hence, it was able to capitalize on the exponential growth of the non-fungible token industry. The latest version, which resulted in a significant increase in user interaction, comes from the Degenerate Ape Academy.

Although the release didn’t go as smoothly as the deal had hoped, the transaction volume hit a new high. Arweave has also been observed to have an active bridge with Solana. The founder of Arweave sketched it out on Twitter, saying that the number of daily inquiries on the web “recently hit the insane number of 60 million inquiries a day”.

SOL Enters Top 10

Somewhat unexpectedly, this type of activity on the Internet and increased user interest have influenced the price of Solana’s native cryptocurrency SOL.

At the macro level, the token entered 2021 at around $1.5, but took full advantage of the bull market in the first half of the year, hitting a record high of $58.5 on May 18.  After SOL was up 3,750% in just a few months, SOL as the majority of the market fell sharply to around $20 on July 20th.

Despite the changes, interest in the token remains high and 21Shares AG, the issuer of ETP based in Switzerland, has launched such a product that tracks the performance of SOL. As the market rebounded, the asset’s price fell sharply over the next few weeks, reaching $45 this weekend. But the run is not over yet – on the contrary, it has only intensified in the last 24 hours.

SOL shot up more than 40% and set a new price record of $65. Its market value has grown to around $18 billion and is one of the top ten digital assets in this indicator. So far, SOL has fallen slightly and the current price is just over $60. That said, it’s still one of the best-performing stocks this year, up 3,900% since January 1, 2021.

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