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Solana Doesn’t Stop, Reaches New ATH! Why Is Solana Price Increasing?

Ethereum killer Solana just updated its all-time high. Why is the price of SOL increasing?

Solana Doesn’t Stop, Reaches New ATH! Why Is Solana Price Increasing?

Ethereum-killer popular cryptocurrency Solana continued its mega bull run, reaching an all-time high of $250 earlier today. With this move, Solana has emerged as the fourth largest cryptocurrency with a market cap of $72.9 billion while knocking out top players like Cardano ( ADA ).

Solana (LEFT) Doesn’t Stop! Reached New ATH

Solana has been in an unstoppable rally this year, especially for the past three months. SOL price has increased 166x since the start of 2021 , emerging as one of the best performing altcoins in the ecosystem . With a staggering 1600% gain so far this year, Solana has been one of the cryptocurrencies that has made a lot of money for its investors.

Solana blockchain is popular for its ultra-fast transactions at extremely low cost. Furthermore, Etherea I block chain in the rapidly growing gas costs, more defi players such as the Solana forced to choose affordable solutions. DEFILLA up by ‘to data, the total value of all locked in Solana def protocols almost $ 15 billion.

In addition, NFT sales in the Solana ecosystem increased rapidly. Prominent crypto analyst and investor Scott Melker explained the main reason behind Solana’s growth. Scott Melker made the following statements in his statements;

“Solana is a real competitor for Ethereum with lightning fast transactions well below price. The rapid increase in value is largely the result of crypto games and successful NFT launches. Developers and projects have been building on Solana for years, which is evident in the price and adoption explosion.”

Why Is Solana Rising?

While the rising gas fee is one reason DeFi players are moving to Solana, Solana has also witnessed strong development in place. The Solana blockchain has an output of 710,000 transactions per second ( TPS ).

Solana blockchain enhances this scalability by using the Proof of History ( PoH ) consensus model along with existing Proof of Stake ( PoS ) . In addition, the platform facilitates a wide variety of decentralized applications (DApps), which was not possible before.

There has been a lot of talk about Solana outpacing Ethereum in the future , but right now that seems very far off. So much so that the Ethereum ecosystem is seven times the size of Solana. Also, with the transition to Pos Ethereum 2.0, Solana’s competition will become even more difficult.

LEFT Current Situation

Popular cryptocurrency Solana (SOL), known as the Ethereum killer , started a new uptrend in the evening hours last day. With this increase in Solana, the price has updated its all-time high again.

Solana hit an all-time high of $250 last night. However, there was a pullback in the price afterwards and the price dropped to $240.

Solana (SOL)
Solana (SOL)

As of the time of writing, SOL continues to trade at $242, up 0.87% in the last 24 hours, according to CoinMarketCap data.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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