Solana (SOL), known as the most scalable cryptocurrency in the industry, is up more than 35% in the past week, reaching a new all-time high of $219.
The recent bullish rally that is taking place Bitcoin is driving others cryptocurrencies, of the industry to new historical highs, as in the case of SOL, the native cryptocurrency of the blockchain Solana scalability, which hit $219 per unit on Monday. With its new value, Solana's market cap surpassed $63.420 billion, dethroning XRP (Ripple) as the 6th most important cryptocurrency in the markets.
Source: CoinGecko
At the beginning of the year, SOL was worth less than $2 per unit, so its current growth exceeds 11.700% in the last 10 months. This cryptocurrency, developed by Anatoly Yakovenko in 2017 and launched by the Solana Foundation in 2020, has great properties and features for the development of next-generation decentralized applications and protocols. In fact, thanks to its high level of scalability and performance, Solana is considered the most scalable blockchain in the entire industry, which has increased its demand and adoption exponentially in recent months.
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Solana Growth
Solana price has rejected the resistance at $170 per SOL and has grown by over 35% over the past week, suggesting that the cryptocurrency may be ready to reach new all-time highs. If its parabolic growth continues, Solana may surpass the market cap of $XNUMX per SOL. Tether (USDT) and quickly take the 5th place among the largest cryptocurrencies on the market. Some analysts point to $260-270 as the next level that the cryptocurrency will reach in the near future. By 2022, the value of SOL is expected to exceed $500 per unit.
DApps, DeFi and NFTs
Solana has great properties and features that other cryptocurrencies currently do not have, such as Bitcoin and Ethereum. This blockchain was developed to offer a high level of scalability and interoperability, facilitating the creation and development of decentralized applications (DApps), protocols DeFi and tokens NFT. Although Ethereum is the blockchain for the development of all these innovations, par excellence, it does not have a high level of scalability, which makes interacting with this blockchain too expensive at the moment. In contrast, in Solana, the commission costs are very low, with a value very close to zero, which is why it has become a great alternative to Ethereum, attracting thousands of users.
This blockchain, which uses a unique combination of the Proof of History (PoH) and Proof of Stake (PoS) consensus protocols, is capable of creating and processing a block in the chain in 400 milliseconds, while its processing capacity could reach 400.000 transactions per second (TPS). However, it is worth remembering that this maximum processing capacity was reached in mid-September of this year, as a result of a massive increase in the number of transactions sent to the network during the Radyum DEX IDO, which ended up exhausting processing resources and forking the blockchain. Solana developers were forced to restart the chain entirely.
Volume in NFTs
NFT projects on Solana are moving close to $60 million in weekly trading volume, according to data from Solanalysis. The portal shows that Solana Monkey Business, Degenerate Ape Academy, and Aurory projects are leading this ecosystem, with close to 25% of all trading volume seen over the past week.
On the other hand, liquidity on Solana DeFi protocols is also at new all-time highs, surpassing 13.730 millions of dollars at the close of this edition.
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