фото показано с : invezz.com

The Solana (SOL/USD) price relentless rally continued on Monday as demand for the “new kid on the bloc” rose. The coin jumped to an all-time high of $105, bringing its total market capitalization to more than $30 billion. Notably, Solana jumped even as other cryptocurrency prices like Bitcoin and Ethereum remained under intense pressure. 

Solana is one of the fastest-growing blockchain projects in the world today. The price of SOL has jumped by almost 6,000% this year, becoming one of the best performing digital currencies in the world. To put it into perspective, Bitcoin has more than doubled while Ethereum has risen by less than 400% YTD. 

For starters, Solana is a leading platform that targets Decentralized Application (DAPP) developers. It is a fast-growing alternative to Ethereum and other DAPP development platforms. 

While many Ethereum-killers exist, developers are loving the speed, scalability, and interoperability of Solana’s ecosystem. Today, there are almost 400 developers building on the platform and the number is continually rising. Some of the top apps built on the platform are FTX, 8Pay, Hedgehog, and Solana Beach. 

Solana is incredibly faster than Ethereum. While Ethereum average transaction per second is less than 20, Solana has a TPS of more than 2,000. This means that people can transact within the network at a relatively faster rate. As a result, this speed leads to substantially lower costs both of developers and customers.

The Solana price has also risen because of the substantial high staking interest rates. A quick look at the platform’s explorer shows that the effective staking rate is about 7.22%. 

Most importantly, the currency’s price has rallied because of the ongoing momentum. With its price rising, many traders and investors have piled into the coin because of the fear of missing out (FOMO). 

The daily chart shows that the SOL price has been in a strong bullish trend recently. The momentum accelerated when the price rose above $58, which was the highest point in May this year. It has continued the bullish momentum and moved above the 25-day and 50-day moving averages. Oscillators like the Relative Strength Index (RSI) and MACD have also continued rallying. 

Therefore, with FOMO setting in, there is a possibility that the coin will continue with the bullish trend as bulls target the key resistance at $120. Still, a short pullback can’t be ruled out.

The post Solana price prediction: relentless rally gains steam as FOMO sets-in appeared first on Invezz.

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