- Solana-specific projects in DeFi and DAOs have contributed to exploding on-chain activity in SOL.
- SOL hit a new all-time high, posting over 13,500% gains since the beginning of 2021.
- Total value locked in DeFi protocols on the SOL network has exceeded $13.5 billion.
Solana is now the sixth-largest cryptocurrency by market capitalization. The layer one blockchain protocol’s high throughput and low-cost transactions attract developers and users to the SOL ecosystem.
SOL on-chain activity explodes as the altcoin hits a new all-time high
Earlier today, SOL hit a new all-time high. The total value locked (the equivalent of market capitalization) of all DeFi projects on the Solana blockchain has hit $13.5 billion. The high throughput (0.4-second settlement) and cheap transactions are driving users to the SOL network.
Further, SOL has posted over 13,500% gains since the beginning of 2021. Proponents debate whether the altcoin is an Ethereum-killer or a complement to the altcoin, while SOL eyes a position in the top five cryptocurrencies.
Solana is popular among venture capitalists as one of the most significant crypto investments. The altcoin had emerged as a top choice among institutional investors three weeks before it hit a new all-time high.
Pseudonymous cryptocurrency analyst @Pentosh1 predicted that SOL is preparing for explosive price discovery based on both fundamentals and technical analysis setups. The launch of NFTs and new projects in the SOL ecosystem has fueled the spike in on-chain activity.
$sol now only 30% away from taking the #3 spot and Bronze
How can they allow him to keep getting away with this https://t.co/DD18hgroEJ
— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) October 26, 2021