- Institutional demand has increased in the past two weeks as Osprey Funds registered a Solana trust ahead of competitor Grayscale.
- The introduction of NFT collections on Solana created a positive feedback loop for the Solana price.
- Charles Hoskinson, the founder of Cardano, shows an interest in Solana.
Solana’s “wormhole project” is gaining popularity in the cryptocurrency ecosystem, with traders and analysts awaiting the start of the three-way cross.
Solana rate exceeds $ 100; Wormhole project triggers rally
Solana’s “wormhole” project is a two-way bridge that enables projects, platforms and communities to move tokenized assets across blockchains. The project also facilitates the exchange of messages across blockchains, and more and more decentralized applications are now benefiting from the high speed and relatively low costs of Solana.
Currently the “wormhole” is operational and supports the exchange of assets on the Ethereum blockchain. The Solana team plans to expand the bridge and make it a three-way intersection. This means that the project will include Terra.
The community is waiting for more updates on this project, which has also caught the attention of traders and analysts. The 2.0 start of the cross-network bridge is a trigger for the ongoing SOL course rally.
With Solana gaining popularity as a faster and cheaper “Ethereum alternative”, it has also cast a spell over institutional investors. Osprey Funds, a digital asset investment firm, has filed for a Solana trust with the Securities & Exchange Commission (SEC), ahead of competitor Grayscale Investments, suggesting institutional demand is increasing.
The institutions are optimistic about Solana due to the increasing on-chain activity on the blockchain of the Altcoin. The introduction of the NFT Degenerate Apes collection caused a surge in the volume of transactions on the SOL network and caught the attention of creators and token holders in the Solana ecosystem.
Solana’s competing blockchains compete with him for dominance in the ecosystem of non-fungible tokens and decentralized finance. Charles Hoskinson, founder of Cardano, one of Solana’s biggest competitors, recently commented on the altcoin’s updates and advances.
@solana – you seem to be making waves. Congratulations! Where can I find out more?
– Charles Hoskinson (@IOHK_Charles) August 30, 2021
Hoskinson is likely interested in SOL’s technical advances, as Cardano has reached similar milestones in incorporating decentralized applications, building cross-network bridges, and facilitating token transfer between ecosystems.
SOL price is up 88.5% in less than 15 days, and the price exceeded $ 100 a couple of times today. A cryptocurrency analyst hiding behind the Twitter account @CerbulBTC had predicted the increase in the SOL rate to $ 100 less than a week ago.
I don’t think this is the high of the $ SOL #Solana course.
My long-term goal of $ 67 was met, it took a long time, I figured it wasn’t going to happen anytime soon.
There are new targets on the chart, with the next psychological price of $ 100.