2021-8-11 14:20 |
Solana SOL/USD is a blockchain that can provide quick, secure, and scalable dApps and marketplaces through quicker transaction settlements and flexible infrastructure. Wormhole is a decentralized bridge that brings existing projects and platforms the ability to move tokenized assets seamlessly across different blockchains, which benefits from Solana’s high speeds and low costs. Wormhole supports Terra, Ethereum, and Binance Smart Chain.
The SOL token is the native currency within Solana’s ecosystem and plays a key role in its maintenance. Given the fact that Wormhole will open a quick and simple route for non-native assets to enter Solana’s Decentralized Finance (DeFi) ecosystem, it has the potential of adding cross-chain liquidity.
With all of that in mind, is now the perfect time to invest in Solana (SOL)?
Should you invest in Solana (SOL)?On August 10, Solana (SOL) had a value of $39.95.
In the last 24 hours, its trading volume increased by 20%, and its market cap increased by 3%. This signaled an increased activity of the Solana blockchain network, as well as an investment opportunity.
Regarding its all-time high value as a point of reference, it was $58.03 and was gained on May 18. This is a 45% increase when compared to August 10’s value.
However, to truly see the recent growths in value, we will analyze July.
On July 7, SOL had a value of $37.56, which marked its highest value of the month. However, on July 20 it fell to $22.21, which was its lowest point. This means that the token fell in value by 40% throughout that span in time.
Furthermore, its value on July 7 was 6% lower than its value on August 10.
This latest Wormhole addition will increase the level of activity of the Solana blockchain, which will drive demand for the SOL token higher.
Due to the fact that it allows different blockchains the ability to communicate with one another, we might see an increase in information flows, such as governance mechanisms, where users can engage in voting through Solana’s Wormhole.
As such, this is an impressive addition to the blockchain and a new point of appeal for a lot of users and their various use-cases.
With all of this in mind, given its recent increase in trading volume by 20%, we can expect the value of Solana (SOL) to increase to $48 by the end of August.
The post The Solana bridge Wormhole begins supporting inter-blockchain message transfers, should you invest? appeared first on Invezz.
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