The native token of the Solana network has hit a new ATH of $124 in the last 24 hours. The ecosystem has been gaining more attention from the crypto community as an Ethereum alternative. Due to the smaller gas transaction fees, faster trading speed, and support for smart contracts, SOL has starting to attract a lot of attention.
The SOL token joined the crypto market only 18 months ago, and it has already reached the rank of 8th biggest cryptocurrency project in the world. With the new ATH, the total market cap of Solana is valued at $35 billion as per crypto analytics CoinMarketCap. Crypto fundamentals aggregator Santiment recently shared that the investor’s engagement ratios and volume have been ramped up four times recently.
The latest viral sensation in the NFT marketplace called the Degenerate Apes has helped the Solana network to get a lot more traction. The NFT collectible was launched on the NFT marketplace hosted on the Solana ecosystem. Another reason for investors taking an increased interest in the project is the wormhole protocol.
The new upgrade is going to allow the Solana network to form sidechains with other networks like Ethereum, Binance Smart Chain, and TerraMoney. Once the update has been launched on the network, the users will be able to exchange tokens between different blockchain projects. The stakeholders of the DeFi space are reasonably excited by the proposition as they will be able to use the faster transaction and lower gas fees features for other tokenized assets.
Solana Network also Attracts Institutional Investors
During the last 14 days, the Solana Network has also started to get more prospects from financial institutions like Osprey Funds. The biggest competitor of Grayscale has recently decided to acquire SOL token for setting up a new trust. There are many other blockchain projects like Cardano that have been making efforts to get more traction from the big finance industry.
Charles Hoskinson has recently posted on Twitter expressing his praise for the Solana network developers. He claimed that the blockchain project was doing very well and claimed that he wants to know more about the underlying technology. Another crypto trader who goes by the name of Cerbul has claimed that the SOL token is currently undervalued, and he is waiting for it to reach $134 in the long term.