Bitcoin has hit a new all-time high and now some altcoins seem to be catching up. Solana in particular is currently attracting the interest of many investors – what could be the reason?
One of the main reasons for the current SOL rally is likely to be the booming DeFi sector of the high-speed blockchain. Solana’s Total Value Locked (TVL) recently passed the $ 12 billion mark – a new all-time high. With that, Solana is now after Ethereum and the Binance Smart Chain (BSC) the third largest blockchain for decentralized applications (dApps).
The dApp ecosystem on Solana is booming and this development is also reflected in the SOL course. In the last 24 hours alone, SOL has increased by over 20 percent. While Solana is still below its last all-time high of $ 213.47, rising over 40 percent in the past 30 days, it might only be a matter of time before it is attacked again.
At press time, SOL ranks sixth among the largest cryptocurrencies by market capitalization, trading at $ 189.55.
FTX builds NFT exchange on top of Solana
Another factor that is currently boosting SOL could be a project by the crypto exchange FTX be owed. The renowned Solana proponent announced last week that he would like to launch his own NFT marketplace on Solana.
Initially, the exchange only wants to support NFTs that were created in-house. In addition, initially only customers from the USA should be able to use the new NFT marketplace. The new platform will enable users to create, hold, authenticate and auction NFTs.
The integration could ensure that some of the NFT trading volume migrates from Ethereum to Solana in the near future. The SOL blockchain is comparatively faster and a lot cheaper than Ethereum. It is therefore likely that some investors are currently betting on this development and the SOL price will therefore rise.
More and more projects choose Solana
In addition, the adaptation of Solana is progressing in many areas. On the so-called Ignition Hackathon, which was successfully held from August 15 to October 15, for example, over 500 projects took part. Programmers all over the world developed various decentralized applications during this time. In the next few months, these will probably also be made available to the general public, which could lead to the SOL ecosystem continuing to grow.
In addition, the community can currently use the various Review projects and vote on them by October 22ndwhich of them should win the hackathon.
The projects are all in the different categories and include Web 3.0, Gaming, DeFi, and NFTs. Anyone who wants to trade Solana can do so Binance or FTX to do.
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