- Solana saw its price surging past $200 as the platform experience strong NFT and DeFi activities.
- Solana’s Monkey Business NFT gained massive traction following celebrity support.
As the overall cryptocurrency market sees sell-offs, SOL, the ETH competitor, extends its aggressive gains. Solana managed to gain another 30% today to hit a new ATH around $210. Remember, the crypto market saw dramatic plunges after the controversy in the El Salvador BTC adoption debut.
While publishing this content, Solana trades 28% higher at $204. The recent positive price developments had the asset’s market capitalization at $61 billion. With that, SOL topples XRP, claiming the 6th rank in the market by valuation. Solana saw explosive price moves that had it climbing higher. For now, market players anticipate a move towards the top five in the coming sessions. Keep in mind that SOL has gained a whopping 80% since last week.
In less than one month, Solana witnessed its price skyrocketing by 350% past $200. It might be challenging to predict the token’s top for now. Solana’s massive rally comes as the blockchain sees improved fundamentals. Moreover, the SOL network has experienced increased DeFi activity over the past few weeks.
According to DeFi Llama data, the Solana blockchain had its TVL (total value locked) rising past $7.76 billion. The high activity indicates SOL rising as an Ethereum competitor as far as housing DeFi projects are concerned. Moreover, Solana has seen magnified institutional inflows in the past weeks. CoinShares, Europe’s leading asset manager, highlighted some insights, noting that SOL’s weekly inflows stood at $13.2 million last week, doubling in YTD. Meanwhile, AuM grew to $44 million last week from $15 million the previous week.
Steve Harvey Joins SOL NFT Boom
Besides DeFi, Solana appears to dominate the NFTs market. The blockchain has attracted different stars. For instance, Steve Harvey, a comedian, joined SOL’s NFT boom. The celebrity changed his Twitter display with SOL’s Monkey Business NFT. Also, a YouTube personality and Rapper KSI did the same to his Twitter display picture.
Solana’s Monkey Business (SMB) comprises 5000 randomly generated and unique cartoonish monkey images. According to Sonalysis data, SMB NFT saw its value increasing by 52% over the past 24 hours.
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James Thompson