Touted as a future direct competitor to Ethereum, Solana network’s cryptocurrency SOL has rapidly breached the world’s top 10 largest cryptocurrency coin list and currently occupies the 7th rank.
As per reports, Solana’s SOL token now has a market value of over $41 billion which triples in comparison to back in the first week of August 2021.
Solana aims to dethrone Ethereum with its claimed lower cost of transactions and speed for digital tokens and decentralized finance and a huge majority of crypto experts seem to back the ambitious project.
As per an email released on Monday, 6th September by Alexandra Clark, a sales trader for GlobalBlock, an asset broker firm based out of the U.K, stated that “Major players in the space, like Jump and FTX, are acknowledging its potential.”
The mail further read, “Not only that, but the network’s foray into NFTs with Solanart, the marketplace built on the SOL blockchain, has been instrumental in driving the altcoin’s price higher,” And to further delight for Solana Coin enthusiasts, she then said, “SOL’s current price rally is likely to continue.”
As per the co-founder of Nexo (Crypto lender), Antoni Trenchev, “Solana has a growing ecosystem, projects are being built on it and it’s benefited hugely from the mania that’s taking place in NFTs (Non-fungible tokens used to trade digital collectibles),” Antonio also went on to add that the project has had a huge helping hand from Sam Bankman-Fried, CEO of crypto exchange FTX agreeing to back Solana Network.
Back in June 2021, Solana Network announced that it raises roughly $314 million in a funding round with renowned investors CoinShared, Polychain Capital, venture capital firm Andreessen Horowitz, and Bankman Friend’s Alameda Research. As per Solana’s website, the average cost per transaction is $0.00025 and also claims to be the faster blockchain in the world.
Back in the previous month, Solana welcomed crypto market data provider Pyth Network, which is affiliated with Jump Trading on its mainnet, a move that is touted to fortify decentralized finance. And as per sources close to the matter, plans are already being discussed for it to broadcast market data via the rumored Wormhole Network.
Over an email, The head of FTX’s over-the-counter and institutional sales Jonathan Cheesman said, “It’s becoming too big to ignore and offers a different smart contract solution to Ethereum.”
This week has seen a massive surge for touted Bitcoin alternatives like ADA by Cardano, Solana’s SOL with the latter being the clear winner so far which indicates a broader crypto acceptance than the usual Bitcoin, Ether, and Binance Coin to some extent.
While the current sentiment shows a bullish trend Skeptics are still not convinced that the scale of rallies is a result of technological upgrades.