An Ethereum competitor has ridden momentous price action over the past seven months, jumping more than 100 spots in the crypto market cap rankings to land in the top 10.
The smart contract platform Solana started the year with its native token SOL trading at $2.16 and ranked 112th by market cap, according to CoinMarketCap. Now, it’s trading at $66.61 at time of writing – an increase of 2,983.8% year-to-date. The crypto asset hit its all-time high of $74.89 this week.
The total value locked in Solana also crossed $2 billion for the first time from just under $1 billion last month. Additionally, the platform has a growing ecosystem of decentralized finance (DeFi) products that are about to be launched in the coming months, according to Messari.
Explains the crypto research firm,
“If Solana can continue to grow its developer base and application pipeline, its uniqueness may become a strength. Projects won’t be able to port their contracts and liquidity to secondary networks easily. With a burgeoning economy, an inherent developer lock-in, and plenty of funds to spare, Solana could become a popular platform for DeFi users to park their assets in the not-too-distant future.”
The pseudonymous crypto trader Pentoshi predicts that SOL will continue its uptrend and print new all-time highs.
“SOL [is] in price discovery.
[In my opinion] if $56-60 comes, that’s an absolute steal now that it has made new [all-time highs]. That should be new support, and the sky is the limit.”
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Featured Image: Shutterstock/Mia Stendal
The post Ethereum Competitor Blazes Into the Top 10 Amid Exponential Rise in Total Value Locked appeared first on The Daily Hodl.
