Interest in DeFi and NFTs has skyrocketed over the past year and has even caught the attention of institutions. So much so that Solana’s recent entry into the NFT market gave its native token, Solana (SOL / USD), the boost it needed to make it into the top 10 cryptocurrency list.
After up 36% last week, SOL is now the eighth largest cryptocurrency in the world. His rise to the top even enabled him to push Uniswap’s UNI to 11th place, just behind Polkadot’s DOT / USD, which is currently 10th.
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To climb any further, SOL’s market cap would have to increase by another $ 8 billion, as it is currently at $ 29.1 billion, while DOGE is still at the top at $ 37 billion. As for the price of the coin, it is currently at $ 99.98, having recently dropped from $ 101.44, suggesting that the resistance at $ 100 is still quite strong.
SOL is rising alongside other Ethereum alternatives
Institutional demand for SOL has skyrocketed in recent weeks, according to Amber Group, a well-known crypto financial services company. Due to the increased interest, Osprey Funds recently registered the Osprey Solana Trust with the US SEC, giving these wealthy investors an easy way to acquire the token.
Amber Group also pointed out that SOL isn’t the only one as Ethereum (ETH / USD) alternatives have seen a boom recently. In addition to Solana, large amounts of money have also flowed into Cosmos (ATOM / USD), Avalanche and Luna, with their tokens increasing by over 80% compared to ETH in the last month.
In his most recent essay, titled “Solana Summer,” Packy McCormick noted that people started buying SOL because they appreciated the speed and low transaction costs, and simply wanted more of it. The real boom, however, is coming from the NFTs. Solana is a great choice for gaining access to NFTs and DeFi projects, both of which are generating increasing interest. With that in mind, there are now predictions that SOL could climb as high as $ 145 and that NFTs will be the key to reaching those highs.
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