The Solana price bullish momentum accelerated during the overnight session as the demand for the coin soared. The SOL token jumped to an all-time high of $128.10, bringing its total market capitalization to more than $32 billion. This upswing has propelled Solana to become the eighth biggest cryptocurrency in the world.
Solana is the new big thing
Solana is a fast-growing blockchain network that enables developers to build all types of decentralized applications (DAPPs) and autonomous organizations (DAO).
It was started a few years ago and has raised more than $315 million from some of the biggest Silicon Valley players like Andressen Horowitz and Polychain Capital.
Solana has become a viable Ethereum-killer. Besides, it was built from scratch using a proof-of-stake technology that is typically faster and more reliable. Indeed, Ethereum developers are currently working to transition it from a proof-of-work network.
Solana’s transactions are significantly faster, with an average TPS of more than 2,000. This is a sharp increase from that of Ethereum, which handles less than 20 transactions per second. Additionally, Solana is more scalable and has inbuilt interoperability characteristics.
The Solana price has bounced back in the past few days as investors remain optimistic about both Ethereum and its alternatives. Investors believe that the scale of growth will make these coins substantially bigger as the industry matures.
For example, the Decentralized Finance (DeFi) industry is now worth more than $100 billion while NFT sales in the first half of the year soared to more than $2.5 billion. This was a strong growth compared to the $14 million sales that were generated in the same period in 2020.
Solana’s ecosystem has grown rapidly recently, with the number of projects running in it rising to more than 400. This trend will likely keep rising as the ecosystem becomes more popular.
Solana price prediction
A look at the daily chart shows that the SOL price has a close appearance to other altcoins like Ethereum and Polkadot. The coin found a strong support at $19.30 and then bounced back. Last week, it moved above the previous all-time high of $58.30 and is currently at $114.
It is above the short and longer-term moving averages and along the upper side of the Bollinger Bands. Oscillators like the MACD and RSI have also been rallying. Therefore, the coin will likely maintain the bullish trend as investors target the key resistance at $150.
