Solana climbs 80 percent per week
Solana (SOL), the tenth most important digital currency in terms of market size, increases in price by almost 80 percent per week. Compared to the previous day, the currency with the symbol SOL was able to gain another eight percent. The Solana rate puts competing currencies such as Ethereum or Cardano in the shade, which are currently struggling with losses. Bitcoin, the most important digital currency in terms of market size, is currently fighting to maintain the 200-day line at around $ 45,000.
The fuss surrounding the launch of the NFT project “Degenerate Ape Academy” should have attracted a lot of attention to Solana. The digital art project placed a total of 10,000 different monkeys for sale as cartoons. All assets were sold out in less than ten minutes. Solanart acts as an equivalent to the Ethereum counterpart Opensea, on which digital art projects, so-called Non-Fungible-Toke (NFT) are carried out.
In terms of technology, the Solana Chain surpasses that of Ethereum. While SOL achieves up to 50,000 transactions per second, Ethereum manages around 30. Solana can also score points in terms of fee structure and is significantly “cheaper” compared to Ethereum.
Changing of the guard of the Ethereum chain by Solana chain?
The recent start of the sale of the NFT project is considered a classic declaration of war on the industry leader Ethereum. Projects of this kind could possibly also be started in the future and at least create decent competition for Ethereum. Even if there is currently no change of the guard, the competition should revive the classic business and also encourage the Ethereum developers to implement technical improvements in order to be able to keep the competition at a distance.
In my opinion, the development of the Solana Chains has impressively demonstrated how quickly supposedly unknown projects can generate interest.
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Solana course: The battle for the $ 80 mark has begun
Logically, the battle for the $ 80 mark could now have begun. An equalization of the said hurdle should not least trigger new upward momentum. On top of that, the mental mark of 100 dollars has to be conquered. Basically, investors should now also be prepared for sharp countermovements. A setback to the most recent high at 60 dollars remains possible in my opinion. The hype surrounding the NFT project will sooner or later give way to a more sober approach. A price slump in Bitcoin is also likely to be at the expense of Solana’s share price.
The doubling of the trading volume within a week is probably due not least to the increasing interest of institutional sizes.
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