SOL becomes the 6th biggest cryptocurrency according to market cap after a surge of 13,000% year to date. At the time of this writing, Solana is trading at $182.
Solana’s SOL, garnered fame this month with its spectacular price surge. On January 1st, SOL was trading at $1.61. This week its price blasted off to an All-Time High (ATH) of $214.
Solana is an innovative blockchain project with a capacity to process 710,000 transactions per second (TPS). Although the number is still in theory and there is no proof of such claim.
Many experts are calling Solana a competition to Ethereum blockchain as the latter has a high transaction fee. According to the official website of Solana’s project, the average transaction fee on its platform is $0.00025.
The project creators claim that Solana is one of the fastest Blockchain in the crypto industry. It has gained visibility due to innovative technology. Proof-of-History is the basis of blockchain. A historical record-keeping proves that a specific moment occurred in history.
Reasons for the Rise:
Solana labs received more than $300 million dollars in the token sale which also happened to be the fundraising for the project.
Besides the price gains, other things have been happening for Solana as well. It had a successful NFT launch. The developers of the project have put years of effort into making it a success.
Also Read: Solana Price Hits $100 After Ignition Event Reveal
The blockchain is fully compatible with the smart contract. It is also high-performing alongside offering second block finality.
The success of the Solana blockchain depicts the untapped potential in the crypto industry. New and innovative blockchains with unique use cases can create a share for themselves in decentralized finance. SOL has left dogecoin behind by securing the 6th position.