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Solana, a blockchain-based platform where dApps (Decentralized Applications) are hosted and currently ranked 6th according to market valuation, has not been performing well in terms of trading price since the beginning of the year.
CoinMarketCap Community Predict 40% Increase In Solana’s Price
Although the DeFi crypto asset is far from its all-time highs attained last year, the digital currency ecosystem at CoinMarketCap is indicating tremendous faith in the token’s valuation, with predictions that Solana would trade at $131.78 before May comes to an end.
The estimated price represents a 40.15% or $37.78 increase in the coin’s current price. Overall, the opinions of 3,074 community members at CoinMarketCap were considered when determining the final estimate of its future trading price. The cryptocurrency community’s historical accuracy in predicting the price of SOL is 67.9%, based on projections from the previous six months.
Solana shares are currently trading at $94.12, down 2.73% in the past 24 hours and 7.54% during the past week’s trading period. Currently, the coin has a market valuation of over $31.4 billion. In terms of market cap, it has maintained its position as a leading rival.
SOL Ahead Of ADA In Terms Of Transaction Volume
Solana has successfully surpassed other prominent competitors, like Cardano (ADA), because of its high amount of real transactions. According to real-world volume, with the number of actual transactions totaling $310 million, it is presently the third biggest smart contract platform. Only Terra and Ethereum have more valuable, with a worth of $506 million and $2.46 billion, respectively, in the cryptocurrency market.
Meanwhile, as interest in crypto exchange-traded products (ETPs) continues to expand, Valour Solana has just begun trading on the European stock market, extending the exposure of digital currencies to investors.
The amount of real-world transactions on various smart contract platforms continues to expand. Ethereum maintains its position as the unchallenged currency in this crypto market area. Other smart contracts like Solana are still making advances in the market and might perform better as time goes on. Because these platforms are far younger than ETH and have only been in existence since the start of 2017, they have been gaining traction in the ETH market share.
With approximately $18.5 million recorded in trading activities on Solana’s network within the past day, the Okay Bears had earned widespread media attention and a huge surge in public participation in the crypto industry. Consequently, the NFTs collection broke past records set by extremely popular collections previously hosted on the ETH blockchain.