- Solana skyrockets past $200 amid strong DeFi and NFT activities emerging on the platform.
- The Solana Monkey Business NFT has gained strong traction amid celebrity support.
Amid all the pressure of sell-off in the overall crypto market, Ethereum-competitor Solana (SOL) continues to make aggressive gains. The Solana (SOL) cryptocurrency has jumped another 30 percent today hitting a new all-time high of $210.
As of press time, SOL is trading 28 percent up at $204 and a market cap of $61 billion. With this move, Solana becomes the sixth-largest cryptocurrency by market cap toppling Ripple’s XRP. Solana’s run-up to this rank has been blazing fast and it won’t be a surprise if Solana makes its way into the top five cryptos in a short time. The SOL price has surged by a staggering 80 percent just over the last week.
In less than a month’s time, the SOL price has skyrocketed 350 percent smashing past $200 levels. It will be difficult to predict the top at this price point. Solana’s price rally to the top comes on the backdrop of its improving fundamentals. Besides, the Solana blockchain has seen a very high amount of DeFi activity in recent weeks.
As per the data on DeFi Llama, the total value locked (TVL) on the Solana blockchain has surged past $7.75 billion. This high DeFi activity shows that Solana is slowly emerging as a competitor to Ethereum for hosting DeFi projects. Besides, Solana has attracted strong institutional inflows over the last few weeks. Europe’s largest digital asset manager CoinShares offered some insights into its weekly report. It noted:
Solana remains the favorite with weekly inflows totaling US$13.2m last week, doubling its total inflows year-to-date. While AuM has grown from US$15m the previous week to US$44m last week.
Steve Harvey joins Solana NFT boom
Apart from DeFi, the Solana blockchain is emerging as a strong platform to host NFTs. Popular comedian Steve Harvey has recently joined Solana’s NFT Boom. Harvey updated his Twitter profile picture putting a Solana Monkey Business NFT. Rapper and YouTube personality KSI also changed his Twitter profile picture putting a Solana Monkey Business NFT.
Solana Monkey Business is a collection of 5000 unique and randomly generated images of cartoonish pixelated monkeys. This is similar to CryptoPunk NFTs and Bored Ape Yacht Club NFTs on Ethereum-based OpenSea marketplace.
Solana Monkey Business (SMB) is among the latest NFT collections to appear on the Solana blockchain. As per data on Sonalysis, the value of SMB NFTs has shot by a staggering 52 percent in the last 24 hours. It’s now the second most-value NFT on Solana pegging a floor price of 71.5 SOL.
Furthermore, the platform also shows that the weekly trading volumes for NFTs on Solana have reached close to $100 million. Speaking to CoinTelegraph last week, Yuriy Mazur, head of data analytics at cryptocurrency exchange CEX.IO said:
Solana is still proving itself to be a resilient and a better alternative to Ethereum. It has a long way to go in terms of becoming a major DeFi and NFT infrastructure […] However, to sustain its growth, better upgrades and features must be unveiled to beat competition from other blockchains, including Cardano and Ethereum.