Solana Hits Yet Another All-Time High
New Solana all-time high comes after some recent struggles from the smart contract protocol.
Covered:
- New Solana All-Time High
- Recent Struggles Because Of Protocol Vulnerabilities and NFTs
- Solana Gunning For Cardano After Overtaking XRP
New Solana All-Time High
Solana 7-Day Chart. Credit: CoinGecko.com
Solana is in the midst of a big day. Currently, the smart contract protocol is sitting at its all-time high of $218, and likely to head even higher. Overall, the upstart smart contract protocol is up 15% since yesterday, and 36% in the last week.
Market cap-wise, Solana is the largest riser among the top cryptos by market cap. Currently, Solana’s market cap sits at $65 billion USD, putting it 6th. Overall, the “Eth Killer” is up over %11,000 for the year.
Top 10 By Market Cap. Credit: CoinGecko.com
It wasn’t that long ago that Solana was struggling to gain traction with Bitcoin rising. The Sam Bankman-Fried-backed project fell as low as $125 a little over a month ago on September 26th. And, even as recent as five days ago, Solana was struggling trading in the $150 range.
New Solana All-Time High Comes After Recent Struggles
Recommended: Solana Experiencing Issues, Here’s Why.
Questions over the long-term viability of the protocol likely contributed to the fall. Solana experienced tech issues that led to significant downtime. The downtime led to questions of not only if the network could handle scale with its vulnerabilities, but also raised questions of how centralized the network was. The latter likely because of the fact that Solana performed a “restart” to get back online.
Beyond that, Solana’s NFT boom lost steam. In particular, a number of projects proved to be scams, likely because the barrier for entry on Solana is low. Low gas fees are nice for consumers but just as great for scammers. Though the majority of projects on Solana were legitimate, the ones that weren’t poisoned the well.
Nevertheless, Solana appears to have recovered from any of the bad press. Total Value Locked (TVL) on the protocol continues to rise. Last Thursday, Solana had 12.7 billion in TVL. Today it stands at 13.75 billion. The rising TVL shows rising consumer confidence that any issues the protocol had won’t effect their investments in DeFi or NFTs on the protocol.
Solana Gunning For Cardano After Overtaking XRP
Solana overtook XRP today in terms of market cap. Considering how long XRP has been stuck in flux because of the SEC lawsuit, it’s actually quite impressive how long it’s managed to stay in the top 10 without any positive news catalysts.
Solana, on the other hand, has a lot going for it. Not only has it seen rapid growth because of the “Eth Killer” narrative, its close ties to Sam Bankman-Fried more than likely keep them out of the SEC’s crosshairs.
Recommended: Solana Announces What Was Really Behind Last Week’s Outage
Next up for Solana is Cardano. It’s just 5 billion away from the behemoth smart contract protocol. Considering how much farther Solana is along protocol-wise to Cardano, it’s very likely to move ahead of the Charles Hoskinson-led project. And probably stay there.
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Text source: CryptosRus
