Solana Hits New All-Time High as Ecosystem Grows

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In Brief
  • Solana hits new all-time high of $43.64.

  • Project sees further growth as market correction continues.

  • New NFT platform adds to the ever-expanding ecosystem.

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Solana has reached a new all-time high on Sunday, tagging $43.64 as the Solana ecosystem continues to expand.

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The past week has seen a majority of cryptocurrencies see major corrections, including bitcoin. However Solana has had one of its best weeks in recent memory. 

The project has soared a staggering 62% in the last seven days, reaching a new all-time high of $43.64 on Binance. Even more impressive is that Solana (SOL) is up over 2,800% in 2021 alone. 

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Source: Tradingview 

Solana ecosystem expands 

Solana is described on its website as “a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption”. 

The project has grown over the past several months as it enters key sectors of the market, including decentralized finance (DeFi) and more recently, the non-fungible token (NFT) space. 

The latest offering on the Solana blockchain is the upcoming launch of Star Atlas. Star Atlas is a next-gen gaming metaverse where you can create, play, and learn with players globally. The platform is the first of its kind on the Solana blockchain and will see the NFT space expand on the blockchain. 

The ecosystem also recently added Solstarter, the first Initial Dex Offering (IDO). As the first IDO platform for Solana, Solstarter is looking to empower launchpad projects to raise liquidity in a fair and decentralized manner. 

The Solana ecosystem also features Raydium, described as “an avenue for the evolution of DeFi, with next-level liquidity. Friction-less yield. Light-speed swaps”.

With the project less than a year old, Solana is already making waves in the crypto market. The project currently ranks within the top 20, with a total market cap of $11.4 billion.  

Source: CoinGecko

Solana has also seen widespread attention from crypto companies such as AscendEX and OKEX. With a $20 million development fund from OKEx-owned Block Dream Fund. 

Solana will eventually look to compete with Ethereum. However there is still a lot to be done in order for any project to rival the ethereum blockchain. 

CEO of Galaxy Investment Partners, Mike Novogratz recently commented on the project, calling it a “good horse to ride”. 

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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