A soaring Solana (SOL) refused to land, even in the face of a brutal sell-off in the cryptocurrency market on Tuesday. Two days later, SOL’s price rallied to another new all-time high.
The SOL / USD exchange rate prevented a large pullback in the past 48 hours, hitting $ 217 for the first time in history.
The couple’s ability to sustain declining pressures underscored the growing interest among investors in Solana’s blockchain as an emerging rival to Ethereum, a public ledger currently leading the boom in decentralized finance (DeFi) and non-fungible tokens (NFT).
SOL / USD daily price chart. Source: TradingView
“SOL’s recent outperformance in the market is more or less the continuation of its recent growth,” said Petr Kozyakov, co-founder and CEO of payment service provider Mercuryo.
“With more than two different NFT project launches and imprints in the ecosystem per day, there is an endless demand for SOL from retail buyers. As a result, it held the price by more than 50% this week despite a market-wide crash. “
In detail, on August 15, Solana hosted the launch of the NFT Degenerate Ape Academy, which included a collection of 10,000 cartoon monkeys. They sold out in just eight minutes and comprised 96,000 SOL, or about $ 5.9 million.
Solana continued its foray into the NFT space by enabling an FTX-powered marketplace for digital collectibles earlier this week. FTX, a crypto derivatives platform, announced that their new NFT company would enable NFT creators and owners to trade their digital arts across chains with Solana and Ethereum.
Solana beats top rivals
The cryptocurrency market wiped more than $ 200 billion off its valuation after a sudden sell-off on Tuesday. The leading digital asset by market capitalization, Bitcoin (BTC), plunged from over $ 52,000 to nearly $ 42,000 in minutes, largely attributed to long cascading liquidations by analysts.
Alternative cryptocurrencies or altcoins, which more or less follow the Bitcoin trend, fell at the same time as the second largest, Ether (ETH), which slumped by up to 23.41%, and its runner-up – another smart contract rival – Cardano ( ADA), decreases by 30.89%.
Solana’s top rivals Ethereum and Cardano price performance. Source: TradingView
However, Solana was an exception in the sea of red. While the SOL / USD fluctuated wildly between gains and losses, it eventually closed the day 5.45% higher and followed it with extensive upward movements in the coming sessions.
The pair is up nearly 890% after bottoming at $ 21.96 on July 20. At the same time, the total value of Solana-based DeFi projects has exceeded $ 7.81 billion, according to data from SolanaProject.com.
Greg Waisman, Mercuryo’s co-founder and chief operating officer, told Cointelegraph that he anticipates SOL to reach $ 500 by the end of 2021. He noticed:
“Solana’s growth rates appear to mimic those of Ethereum (ETH) and Binance Coin (BNB), and the $ 500 forecast could prove conservative for the coin.”