A one-way ticket to the topIt looks like Solana has a one way ticket to the top of the game, having just solidified its spot as the sixth largest crypto.
Solana has skyrocketed 47% this month, and over the weekend the coin closed above $200 for the first time, positioning itself as the sixth largest crypto currency by market cap after taking over XRP (XRPUSD). Soon after taking the title on Friday, retail traders scattered social media platforms with the hashtag #solana, helping prices reach an all-time high of $209 on Monday. Not only that, but Solana’s $62.2 billion market cap is only 11% away from taking over from Cardano (ADAUSD) as the fifth largest crypto. Watch this space.
Solana closed Monday above $209 after a six-day bull run.
Solana gets some institutional supportCrypto exchange FTX US fully launches its NFT marketplace, which will feature Solana-based NFTs as the only other supported network (for now.)
FTX has launched its U.S. NFT marketplace, which will initially allow its users to trade, mint, and authenticate NFTs on the Solana blockchain – with support for Ethereum on the way. Previously, the marketplace only facilitated NFTs that were minted on the FTX website. The company didn’t give a reason for prioritizing Solana, its billionaire founder Sam Bankman-Fried is a long time fan of the digital token.
Despite the boost of confidence, Solana ended Monday 1.88% as the token continues to sink from recent bull run – after peaking at $216 on September 9, Solana is now trading at around $142.
Mike U / Unsplash
Grayscale gets on board with SolanaGrayscale Investments, the world’s largest digital currency asset manager, has added Solana to its investment portfolio after the coin's crazy bull run this summer.
The world’s biggest digital currency asset manager, Grayscale Investments, has added Solana and Uniswap (UNIUSD) to its portfolio during its quarterly rebalancing. Solana ended summer with a bang, lifting 194% in August and over 30% in the summer, and clearly people are starting to take notice. It’s the first time Solana will be included in the asset managers portfolio, which boasts over $41.5 billion in digital assets.
Prices took a hit during an extended outage on the network in September, but investors seemed to have shrugged that off. Monday ended the day at $167.20.
Solana struggles to re-ignite prices after outageSolana’s blockchain network suffered a 17-hour outage last week that saw $11 billion of investor’s money locked up, and sent prices down the drain. The digital token saw some spectacular summer gains, and the network wasn't able to handle the surge in activity. Prices have been fairly consistently in the red since Bitcoin made its El Salvador debut, things were made worse last Tuesday when nobody could access the network. Traders and investors haven’t been too forgiving – prices have lost 20% since then.
To be fair on Solana, the crypto market in general has been feeling pressure from fears that Chinese real estate giant Evergrande (3333) would collapse and cause global economic instability. After plummeting on Monday, crypto’s are still licking their wounds – Bitcoin (BTCUSD) dropped below $40k on Tuesday for the first time since the beginning of August, Ethereum (ETHUSD) sank below the $3k mark, and Dogecoin (DOGEUSD) lost another 3.5% to its lowest price in nearly 2 months.
Solana slips back down to earthA denial-of-service disruption sends Solana down 15% in half a day to add to its losses over the week.
After a spectacular bull run, Solana has been in the red for just under a week now, sinking over 25% from its September 9 highs of $216. Tuesday saw those losses extended after Solana tweeted an update that Solana was experiencing technical issues, and the network was down for a few hours. Though the plummet in price was certainly largely due to the network issues, analysts posit that increased profit taking after the token’s bull run is also a factor. Loan Venkatapen, co founder and managing partner of Blocklabs Capital Management, said:
I see today's price action indeed as a mix between standard profit taking and impact of recent technical events/
Prices lost 15% after the announcement, but managed to regain some of those losses to close the day down 6.43% at $158.
Solana plays catch-up with RippleSolana leads the altcoin rally, up 26% this week already as it extends its exceptional gains. If the action keeps up, the coin could even overtake XRP.
Solana is on fire, scorching the bears as prices continue to race up – August saw gains of 194% and September has already seen another 66% increase as of Tuesday morning trading. The previously little-known coin has made a name for itself this year, starting 2021 at $1.51 and reaching highs of $195 on Tuesday morning, and is now creeping up to take the place of popular XRP (XRPUSD) as the sixth-biggest crypto currency. Solana now boats a market cap of over $51 billion, only $9 billion behind Ripple’s native token. JPMorgan Managing Director Nikolaos Panigirtzoglou notes:
The August rally in non-fungible tokens and the pickup in decentralized finance activity have helped not only ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano. The previous phase of retail investors’ mania into cryptocurrency markets was between the beginning of January and mid-May... and retail investors are making cryptocurrency markets look frothy again.
The crypto market jumped to a value of around $2.3 trillion on Monday, its highest level since early May.
Solana’s sugar rush sends prices above $150Solana’s bull run continues, and the token replaces Dogecoin as the 7th largest crypto.
Solana saw its prices suffer along with everyone else over the summer, but its gains since July 20 have been unprecedented – prices have soared around 535% to peak past $150 on Saturday morning, replacing Dogecoin (DOGEUSD) as the seventh biggest crypto by market cap. The sugar rush was added to by the launch of its non-fungible tokens (NFT) project Degenerate Ape Academy on August 15, with prices tripling since that point. ehan Chu, co-founder, and managing partner at blockchain investment and trading firm Keneti Capital said:
Solana’s popularity, already boosted by Sam Bankman-Fried’s support, has seen unprecedented price action on the back of strong mindshare growth, a flurry of decentralized application launches and, most recently, the frenzy around their Kaiju cards NFT launch.
Solana currently has a market cap of over $40 billion.
Solana posts unprecedented gains to hit record highSolana is on a full-on bull run, rising from lows of $23.47 on July 20 to surge past the $100 mark for the first time ever this week.
Solana saw its prices suffer along with everyone else over the summer, but its gains since July 20 have been unprecedented. Partly to thank is a recent $70 million crowdfunding round for Mango market, which is a decentralized exchange powered by Solana. Solana surged past $100 on Monday, up just under 370% from its July 20 low of $23.47 and giving the digital token a market cap of over $30 billion. That makes it the eighth largest by market cap for the first time, shooting past popular tokens like Chainlink (LINKUSD) and Uniswap (UNIUSD).
Solana is competing with Ethereum for dominance in the DeFi space as it supports the same smart contracts that the growing DeFi market depends on – which offer endless possibilities. Prices closed Monday at $110.25 and shot up to $124 in Tuesday’s early morning trading.
Solana leads the crypto comebackCrypto across the board is making a comeback, led by Solana, Cardano, and Litecoin, which are all making impressive gains: helping to push market value past the $2 trillion point.
Crypto has been showing all the bears out there what’s what, making a strong comeback from its depressed few months. The crypto market value reclaimed its $2 trillion price tag, and the gains just keep on coming with popular coins like Solana (SOLUSD), Cardano’s ADA (ADAUSD), and Litecoin (LTCUSD) blowing past milestones. The lesser known Solana (SOLUSD) spiked to a high of $75 on Monday, up just under 70% since Thursday, regaining all of its crypto crash losses and more in less than 72 hours. Partly to thank for the parabolic gains is a recent $70 million crowdfunding round for Mango market, which is a decentralized exchange powered by Solana (SOLUSD). The token is now the tenth largest by market cap for the first time, shooting past popular tokens like Chainlink (LINKUSD) and Uniswap (UNIUSD).
The new spot gave former top 10 token Litecoin (LTCUSD) some incentive to prove itself it seems. The token has been pushed out by strong contenders and now sits at 14th largest crypto by market cap – but who knows, that may change soon, because analysts see the currency reaching $266 by the end of the year. The currency has been on a slow but steady increase since July 21, lifting 76% in that time to peak at $189.12 on Monday, though analysts don't see that as enough to get it back into the Top 10.
Cardano’s ADA (ADAUSD) token shot past a new milestone too, claiming the title of third largest crypto by market cap after making moves to enter the burgeoning DeFi market. The digital token shot to highs of $2.25 on Sunday after lifting over 50% last week alone, almost erasing its crypto crash losses. The jump came on the back of new technological upgrades to the network, which will allow smart contracts on Cardano (ADAUSD) by September – which will gain the network entry to the growing DeFi market, currently dominated by Ethereum. A new player in town is always interesting, and Cardano (ADAUSD) hit a $69 billion market cap, while its year-over-year returns exceed that of Bitcoin and Ethereum.
The Cardano aficionados have been waiting – impatiently – for what seems like an eternity for some news on smart contracts. Cardano is tussling with #2 crypto Ethereum to be the preeminent blockchain offering smart contracts,
said Antoni Trenchev, managing partner and co-founder of crypto lender Nexo.
"Ethereum killer" goes for goldAfter some chatter on the matter, crypto start-up Solana raises $314 million in a token sale to develop its blockchain. Are you excited? Cos we are.
Solana Labs, a cool new blockchain start-up and developer of decentralized finance projects, raised $314.2 million of new funding last week, and it went down pretty well. Actually, if we’re being specific about it, the company raised $314,159,265.359, which is Pi multiplied by $100 million, which makes us love them even more.
The funding round actually happened earlier this year, it’s just the announcement that hit last week, which might be why the price hasn’t gone totally crazy. It still saw some movement though, possibly because the company has confirmed it’s going to use the cash to develop its tech in the exponentially growing DeFi market, which seems to get everyone’s blood pumping these days.
There was some advance chatter about the deal that saw prices lift over 12% last weekend, although things have bounced around a bit since then, and the token lost 12% on Friday to sink pretty much back to where it started.
Instead of a traditional share purchase, the transaction was structured as a purchase of Solana’s native digital token, the Sola Token. The token is one of the top digital asset performers of the year, having seen prices increase 22-fold since January. The fundraising is the fourth-largest funding round in crypto history (excluding ICOs) – although projects have occasionally crossed the $200 million mark, its rare that funding reaches these levels, which makes it extra specially exciting.
Solana is competing with Ethereum for dominance in the DeFi space, and its next step in that plan is to onboard a billion users – which should keep it firmly on track. Its current nickname is “Ethereum Killer” so, uh, we’ll see how that goes, shall we?
New kid on the blockSolana has been having a pretty sweet month, defying the crypto market crash to reach an all-time high of US$58.30 on May 18 and staying steady around $30-35 ever since.
Solana is an increasingly popular alternative to Ethereum, and it's seen a meteoric rise this year, rallying over 300% on the back of the growing DeFi and non-fungible token (NFT) movements.
The Solana protocol, and its native currency, were released in March 2020 and SOL has since quickly made a name for itself in the crypto world because of the super quick processing times the blockchain offers. Solana is built to facilitate decentralized app creation and support DeFi, meaning that as the Ethereum network gets more clogged up and transaction fees go up, people have found Solana a perfect alternative – leading not only to a 3000% increase in price, but a return on investment of 21,055.73% since its inception.
The gains are on a similar level to joke currency Dogecoin, but the difference is that Solana has been paying much more attention to development and utility to make the most of its growth. By May this year, Solana had received five strategic investments totaling $100 million to accelerate the growth and development of projects in its blockchain, and to build out the blockchain for the Asian market.
Ethereum is expensive to use — sometimes prohibitively so. Simple transfers may run upwards of $6-8 on a good day, while complicated DeFi transactions can cost upwards of four-figures. In contrast, the Solana network charges extremely low fees — often less than $0.10 — per action, which are also extremely fast. Therefore, it’s really the speed and scalability of Solana as an alternative to Ethereum that is driving its growth, as many adopters and users are currently viewing the state of Solana’s DeFi today to that of Ethereum’s in the start of last year’s ‘DeFi Summer.’
said Adam James, senior content editor at OKEx’s research arm OKEx Insights.