Doubled in a Week: Why Is Solana (SOL) Rising?

0

With Bitcoin, which fell by $ 10 thousand in one day, many altcoins lost value. Solana (SOL) saw ATH increasing by 45% in 24 hours. So why is SOL price rising?

The Solana (SOL) price hit $ 15.03 on February 23 and hit an all-time high. LEFT; 55% during the week and 293% on the monthly chart. Here are the developments that raise the price of SOL.

Solana (SOL) developments

  • Interest in “Ethereum killer” projects has increased: As a result of developments such as the increase in ETH gas fees and the cuts in ETH transactions on the Binance exchange, interest in projects seen as Ethereum killer has increased. Solana, who has built a two-way bridge with the Ethereum network, may have attracted the attention of ether investors.
  • Staking announcement: The decision to implement staking on Solana mainnet on February 10 was accepted by the majority of the community. On February 14, crypto money wallet Moonlet, SOL announced that it could be staked. The FTX exchange announced on February 18 that it can be staked SOL.
  • DeFi hackathon started: On February 15, a total of 400 thousand dollars will be awarded at the DeFi hackathon event, which is the joint event of Solana and Serum. The event ends on March 1.
  • Integration with Aleph.in: Solana; Integrated with the decentralized, open source cloud project Aleph.in on February 16.
  • Listing news: Bitfinex announced that it will list the SOL token.
  • Partnership with The Graph: Solana has made decentralized software development tools more powerful with the integration with The Graph.
  • Raydium added: Raydium, which works on the DeFi platform with automatic market structure (AMM) algorithm and provides on-chain liquidity, has integrated with Solana.
  • New NFTs have arrived: New NFTs have been added to Solana’s NFT marketplace, the Solible platform.

SOL price

With a market cap of $ 3.6 billion, SOL rose 45% in the 24-hour period. The SOL token, whose transaction volume has increased to $ 1 billion, is priced over $ 13.