Ethereum competitor Solana (SOL) is in an unstoppable market rally. At press time, Solana is up another 22% to hit its new all-time high of $ 174.75.
After Dogecoin (SOGE) fell to seventh place, Solana is now closing the gap to Ripple XRP as its market cap exceeds $ 50 billion for the first time. It won’t be a big surprise if SOL manages to get into the top five crypto placement by the end of the year.
The latest price rally for SOL is taking place against the background of increased DeFi activity in the network. In the last six weeks since the beginning of August 2021, the Total Value Locked (TVL) on the Solana blockchain has increased 4.5 times or an incredible 350%. At the same time, the SOL price has increased 5 times or a staggering 400% return.
Solana TVL hits nearly $ 5.75 billion
According to data from DeFi Lama, the total value of Solana has hit a new all-time high of $ 5.73 billion. The five most important DeFi projects on the Solana blockchain are Saber (SBR), Raydium (RAY), Sunny (SUNNY), Serum (SRM) and SolFarm (TULIP).
Saber (SBR) alone dominates ~ 29% of the total value of the Solana blockchain. At press time, SBR price has risen a staggering 55% in the past 24 hours and is currently trading at $ 0.64.
Amid the solid DeFi onslaught, there has been a debate about whether Solana is a better smart contract platform than Ethereum. Well, it’s too early to say that! However, with high fees soaring and some network congestion issues, Ethereum competitors are getting solid market traction. I’m not sure if the full rollout of Ethereum 2.0 will turn the game back in its favor.
For now, Solana continues to enjoy strong social dominance and get all of the market’s attention. With the latest step, Solana (SOL) is only arm’s length away from the $ 200 milestone.
🥳 Those who expected #Solana to cool down were unfortunately wrong. The dominance of the #crypto-related $ SOL discussions has increased 154% since late August on the way to its latest #AllTimeHigh of $ 172.95. https://t.co/77oRlDxGaz pic.twitter.com/UGRWyCcaOJ
– Santiment (@santimentfeed) September 7, 2021
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About the author
Bhushan is a FinTech enthusiast and has a keen understanding of the financial markets. His interest in business and finance draws his attention to the emerging blockchain technology and cryptocurrency markets. He is constantly in a learning process and motivates himself by sharing the knowledge he has acquired. In his spare time he reads crime novels and sometimes explores his cooking skills.