Thursday, September 23, 2021
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Ethereum rival Solana moves up to 7th place – should you buy SOL?

Solana SOL / USD is a platform that was created as the basis for the development of decentralized applications (dApp) and offers a high degree of scalability.

Solana’s growing ecosystem as a catalyst for growth

On September 7th, 332 dApps were already developed on Solana. FTX and Alameda Research chose Solana because of its speed, and USDC chose Solana because of its fast and global turnaround.

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Metaplex also chose Solana to promote its developers and Audius, with over 5 million monthly users, chose Solana because of its scalability.

For example, the value of the SOL token was $ 32.91 on August 3rd, while it hit its all-time high of $ 193.87 on September 7th, representing remarkable growth.

The main reason the ecosystem is growing is Solana’s high speed and lower transaction costs, especially with DeFi and digital collectibles where Ethereum otherwise dominates. In fact, Solana has grown 18,000% in just 18 months since it launched in April 2020.

So the question arises: should you buy Solana (SOL)?

Should You Buy Solana (SOL)?

On September 7th, Solana (SOL) was valued at $ 179.71.

To do a solid price analysis and see how it rose to # 7, let’s look at its recent performance and all-time high.

Solana hit its all-time high on September 7th when it rose to $ 193.87. The interesting thing is that the value of the token fell by only 8% from its all-time high over the course of the same day.

The SOL token’s lowest price was $ 32.91 on August 3.

It grew tremendously over the month, rising to $ 122.39 by August 31. That means an increase in value of 271%, which is extraordinary.

From August 31st to its all-time high, the token’s value rose another 58%. In addition, it saw trading volume grow by 277% and market capitalization by 30%.

With that in mind, we can expect the value of the SOL token to rise to $ 228.23 by the end of September.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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