Solana (SOL) Hits New ATH $194.82, Aims Next for $300

Solana (SOL) Hits New ATH $194.82, Aims Next for $300
  • Solana shows an unstoppable market uprise for the past few weeks. 
  • The price of Solana hits a new all-time high of $194.82. 
  • The total value locked (TVL) also hits a new ATH of $5.98 billion.

Solana shows an unstoppable market uprise for the past few weeks. The price of Solana gained 35% in the last 24-hours, hitting a new all-time high of $194.82. If this bullish trend continues, the price of SOL will hit $300 soon. 

Solana is mentioned to be one of the leading competitors to be an Ethereum killer because of its high transaction speeds. Notably, the transaction speed is 6,000 times faster than ETH. In addition, the network also supports NFT with the “Degenerate Ape Academy” NFT series selling out its 10,000 unique NFTs in 8 minutes proceeding its launch in mid-August.

Currently, SOL holds 7th place on CoinMarketCap. More so, it won’t be a great surprise in case the price of SOL breaks into the top five crypto tokens by the end of this year. As per CoinMarketCap data, the SOL price trades at $178.7, at the press time. 

Reason for Solana’s Price Uprise

The recent price surge of SOL came due to the increased decentralized finance (DeFi) activity in the ecosystem. Notably, the total value locked (TVL) on the Solana blockchain has increased over 350% in the last six weeks from the beginning of August 2021. 

In addition to the price surge of Solana, the TVL also hit a new ATH of $5.98 billion. 

Total Value Locked in Solana Blockchain (Source: Defillama)

Evenmore, Saber (SBR), Raydium (RAY), Sunny (SUNNY), Serum (SRM), and SolFarm (TULIP) are the top five DeFi projects on the Solana blockchain. In fact, Saber (SBR) alone dominates approximately 29% of the TVL on the Solana blockchain. As of press time, the SBR price is up by a staggering 48% in the last 24 hours and is currently trading at $0.634.

With upcoming developments and upgrades within the Solana ecosystem the price of SOL might reach new heights soon.

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.