Solana (SOL) continued to fly high despite the violent sell-off that recently hit the cryptocurrency markets. Now SOL has reached new all-time highs: the pair SOL / USD peaked at $ 217.
Solana’s ability to withstand bearish pressures highlights the growing investor interest in this blockchain, which has recently emerged as potential rival of Ethereum, the network currently driving the boom in decentralized finance (DeFi) and non-fungible tokens (NFT).
Petr Kozyakov, co-founder and CEO of the payment company Mercuryo, commented on the recent growth of Solana:
“SOL’s excellent performance in the market is nothing more than the continuation of its recent growth.
With the launch of two different NFT projects and minting currently underway in the ecosystem, there is a strong demand for SOL among retail users. As a result, it held its price this week and continued to grow by more than 50% despite the rest of the market contracting. “
Notably, on August 15 on Solana was launched “Degenerate Ape Academy”, a collection of NFTs consisting of 10,000 cartoon-style monkeys. They sold out in just eight minutes, sold at a total price of SOL 96,000.
Solana continued her foray into the NFT world by introducing a marketplace for digital collectibles supported by FTX. The exchange revealed that the new project will allow NFT creators and holders to cross-chain their digital artwork on both Solana and Ethereum.
Solana defeats every rival
The overall cryptocurrency market cap fell by more than $ 200 billion on Tuesday. Bitcoin (BTC), the leading digital asset by capitalization, has seen its own Price plummeting from over $ 52,000 to nearly $ 42,000 in minutes: an event that analysts have attributed to cascading liquidations of long.
Altcoins have mostly followed Bitcoin’s path. Ether (ETH), the second largest digital asset, and Cardano (THERE IS), currently in third position, have lost 23 percent and 30 percent of their value respectively.
However, Solana proved to be an exception in a sea of red. After a very volatile day, the SOL / USD pair closed up 5.45% on Tuesday. In subsequent trading sessions, the price of the asset would soar.
The value of the cryptocurrency is grown by nearly 890% since July 20, when it hit a bottom of $ 21.96. The locked-in value in Solana-based DeFi projects has since exceeded $ 7.81 billion, according to data provided by SolanaProject.com.
Greg Waisman, co-founder and chief operating officer of Mercuryo, predicts that SOL will reach $ 500 by the end of 2021:
“Solana’s growth appears to mimic that of Ether (ETH) and Binance Coin (BNB). The forecast of $ 500 per coin could prove to be even conservative.”
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