Solana (SOL) Price Hits New All-Time High Over $200

Jafrin  |  Sep 9, 2021

Ethereum-rival Solana is among the top-performing altcoins over the last month, with the cryptocurrency reaching a new all-time high of over $200.

SOL Reaches a New All-Time High Over $200

Solana (SOL) has risen as much as 30.9% to hit a record high above $200 earlier today, driven by ongoing demand in DeFi and NFT services.

SOL has one of the best-performing cryptocurrencies during the last month, having risen by over 350%, compared with an 84% gain in Cardano's ADA, a 64% increase in Polkadot's DOT, and an increase of just 24% in Ether and 16% in Bitcoin.

Behind the rising price of SOL token lies the success of the Solana blockchain. Similar to rival Ethereum, Solana can host decentralized finance applications such as smart contracts and non-fungible tokens.

The blockchain network employs a Proof-of-Stake (PoS) consensus model along with a Proof-of-History (PoH). With its higher scalability, Solana is now emerging as a competitor to Ethereum hosting several DeFi apps.

In fact, the token’s price rally comes amid a solid surge of its on-chain DeFi activity. For instance, according to the data provided by DeFi Lama, the total value locked (TVL) on the Solana blockchain has reached an all-time high of $7.99 billion. Since June 30, the TVL on Solana has increased by over ten times.

At the same time, the spike in NFT activity on Solanart, a marketplace built on the SOL blockchain was also influential in driving the altcoin’s price higher.

Solana Overtook Dogecoin and Now XRP to Become 6th-Largest Crypto

Solana also supports up to 50000 transactions transfers per second, which is faster when compared to Bitcoin and Ethereum.

Google Trends is currently pointing to a value of 100 for the worldwide search query “how to buy Solana” over the past 12 months. In fact, the worldwide search query for the term “Solana” is returning a value of 100 at the time of writing.

Just last week, SOL overtook Dogecoin to become the seventh-biggest coin by market capitalization, with a market value of around $54 billion. The cryptocurrency is currently ranked 6th, leaving behind XRP.

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