- Solana reached an all-time high of $260.
- Solana’s current price action is reminiscent of Etheruem’s 2017 rally.
Solana To New Highs
Solana, the third generation blockchain, which facilitates fast transaction outputs, has again reached a new all-time high. On November 7th, the price of SOL was trading at $260.06, according to data from CoinMarketCap. At the time of writing, SOL is trading at $252 after being rejected at the $260 level.
Solana’s price action is on a tear, hitting new price records every week. On Thursday, Solana broke the first psychological level of $250, registering a new high. On Tuesday, Solana flipped Cardano and Tether, becoming the fourth cryptocurrency by market capitalization with a total market cap of $76 billion.
The price action results from the network’s usability as more users turn to Solana due to lower fees and faster transaction outputs. Data from DeFi Llama shows the TVL on Soalan reached a new record of $15.13 billion.
With ETH fees becoming a nuisance which caused a slowdown in the NFT, the NFT hype moved on Solana, adding more incentives to the network’s use case.
Solana’s surge has prompted Crypto Twitter (NYSE:TWTR) to show similarities between Etheruem’s early surge during the ICO era and Solana’s current movement, somewhat mirroring Ethereum.
History doesn’t repeat but it often rhymes #Solana pic.twitter.com/tBfsnJNx7m— CMS island boy (@cmsintern) November 4, 2021
On The Flipside
- Solana has a CEO and a “centralized stake,” which makes it more centralized than Ethereum.
- The Solana network went offline for 17 hours following a DDoS attack.
Why You Should Care?
Solana’s price increased by 18,000% in the last 365 days; however, the network still need to be proven in the current and future market dynamic.
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