Solana SOL / USD has seen a lot of developments lately, all of which have had an impact on the price.
On August 10, Solana made great strides with the Solana Bridge Wormhole, which began to support messaging between blockchains.
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This is a decentralized bridge that offers many projects the opportunity to move tokenized assets seamlessly across blockchains.
The financing of Mango Markets as a growth catalyst
On August 11, Mango Markets, the decentralized exchange on the Solana blockchain, raised $ 70 million through an MNGO token sale.
Mango Markets has its own crypto token, MNGO.
In the final minutes of the token sale, only $ 70,462,383 were locked in tokens.
Mango is a DE that offers a trading platform for spot markets, perpetual futures as well as for lending by drawing its liquidity from its own pool alongside serum.
Serum is Solana’s alternative to Uniswap, supported by FTX founder Sam Bankman-Fried. Note that this sale was only available to people located in the United States.
Still, this decentralized exchange running on the Solana blockchain will definitely see a surge in activity, which could drive the price of SOL up.
Should You Buy Solana (SOL)?
On August 12, the Solana (SOL) token was priced at $ 41.38.
In the past 24 hours, trading volume increased 6.20% and market capitalization increased 2%. The highest value the token has ever hit was $ 58.03 on May 18.
Looking at its performance in July, it ranged from $ 37.56 on July 7th to $ 22.21 on July 20th, which means it was up 40% in value over the month.
Given that Mango Market runs on the Solana blockchain and uses part of the Serum liquidity pool, which is also part of Solana, we can assume that this surge in blockchain activity will drive demand for the token even further drive and thus increase the price of the SOL token.
So if we compare the high of the token at $ 58.03 to its value on August 12 at $ 41.38, we can see that it is only down 28%, meaning it is close to that price range to reach again.
It’s also 12% more valuable than its July peak, which means excellent news for the token’s future.
There are major developments in the Solana blockchain right now, so we can expect the price to break through the $ 50 mark and climb to $ 51 by September 1st.
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