Hassan Maishera
Solana sets new all-time high
The cryptocurrency suffered a major setback earlier this week, with the prices of most cryptocurrencies losing some of their values. Bitcoin dropped below the 45k mark after reaching the $52k region over the weekend.
Ether also dropped to the $3,300 zone after an early rally this week saw the second-largest cryptocurrency by market cap surpass the $3,800 resistance level. However, one of the cryptocurrencies that weren’t affected by the latest market crash was Solana.
Solana is one of the top-performing cryptocurrencies in the world. Its value is up by 73% over the past week and 24% in the last 24 hours. Thanks to its rally, Solana has become the sixth-largest cryptocurrency by market cap, surpassing the likes of XRP, Dogecoin, and Polkadot in the process.
Solana is currently trading at $201 per coin and has a market cap of $60 billion. The cryptocurrency’s performance also coincided with a spike in Solana’s Google search. According to Google Trends, the search for various Solana terms such as “how to buy Solana” is now at an all-time high, and it has hit Google’s 100 mark.
JPMorgan is still bearish about certain projects, including Solana. The bank told Forbes that “The August rally in non-fungible tokens and the pickup in decentralized finance activity have helped not only ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano. The previous phase of retail investors’ mania into cryptocurrency markets was between the beginning of January and mid-May… and retail investors are making cryptocurrency markets look frothy again.”
Solana remains one of the leading projects in the cryptocurrency space, and many expect it to provide competition to the likes of Ethereum and Cardano.
