Is Solana hot again, or is this just a news bump?  Covered: Solana Up 30% Long Term Potential Solana Up 30% What #solana NFTs do I need to buy?! ASAP — jamesbond.eth (@ProjectDrops) March 30, 2022 Solana’s SOL token is up 30% over the last seven days. It’s currently trading in the $126 range. The […] The post Solana’s SOL Token Up 30%; Moves Ahead Of Cardano appeared first on CryptosRus.

Solana’s SOL Token Up 30%; Moves Ahead Of Cardano

Is Solana hot again, or is this just a news bump? 

Covered:

  • Solana Up 30%
  • Long Term Potential

Solana Up 30%

Solana’s SOL token is up 30% over the last seven days. It’s currently trading in the $126 range. The recent uptick has sent Solana ahead of Cardano again in terms of total market cap.

Solana, the proof-of-history-based smart contract protocol, had leaped Cardano back in November of 2021 but had fallen behind its competitor thanks to Cardano’s ecosystem advances so far in 2022.

Solana’s uptick is largely due to the news of OpenSea integrating Solana’s NFTs into its marketplace. OpenSea is by far the most popular place to sell NFTs.

The integration is expected to go live sometime in April. The excitement has sent NFT projects built on Solana like Solana Monkey Business skyrocketing as well. Though, it appears that the entirety of SOL’s NFT space is benefitting as well.

Seven day Daily New NFT sales on the Solana Network.

Not to mention, the ecosystem as a whole is seeing considerable movement. Daily Active Wallets and Daily New Token Accounts are surging since the news of OpenSea integration.

Long Term Potential

Unlike its competitor Cardano, Solana is far ahead in deploying its tech. Not only are SOL NFTs close to OpenSea integration, but Solana also has its DeFi Ecosystem built out, and SOL-based tokens on Coinbase — ERC20 tokens being the only other layer-1 with its own tokens on the crypto exchange.

Nevertheless, the success of the tech hasn’t been inspiring so far. After making huge inroads with their NFTs, excitement over the SOL NFT space waned until the recent announcement. Considering the lack of volume of Ethereum sidechain Polygon’s NFTs on OpenSea, it’s hard to see how much Solana stands to benefit from the integration.

Not to mention, Solana’s DeFi hasn’t taken off. Yes, it’s 5th in TVL currently, but competitors like Terra are far ahead. This despite Terra not even having its LUNA token listed on Coinbase, let alone any of its successful DeFi offshoots like Anchor Protocol’s ANC token.

Nevertheless, Solana does now have an impressive list of partnerships and integrations and Sam Bankman-Fried as an investor. The protocol seemingly has it all — except for adoption.

Recommended: WisdomTree Launches Cardano, Solana ETF Product, Including Staking

 

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