Solana reaches the top 10 cryptos list after entering the NFT market

2021-8-30 13:28

The interest in DeFi and NFTs has skyrocketed over the past year, and it even managed to attract institutional attention. So much so, in fact, that Solana’s recent entry into the NFT market gave its native token, Solana (SOL/USD), the boost that it needed to enter the top 10 crypto list.

After surging by 36% in the past week, SOL now sits as the 8th-largest cryptocurrency in the world. Its advancement into the higher ranks even allowed it to push Uniswap’s UNI to the 11th spot, just after Polkadot’s DOT/USD, which currently occupies 10th place.

For SOL to progress further, its market cap would have to increase by an additional $8 billion, as it currently sits at $29.1B, and DOGE is still in the lead with $37B. As for the coin’s price, it currently sits at $99.98, after recently dropping from $101.44, indicating that the resistance at $100 is still quite strong.

SOL surges alongside other Ethereum alternatives

According to Amber Group, a known crypto financial services company, the institutional demand for SOL has skyrocketed in recent weeks. Due to the surge in interest, Osprey Funds recently registered the Osprey Solana Trust with the US SEC, so those wealthy investors would have an easy way to reach the token.

Amber Group also pointed out that SOL is not the only one, as Ethereum (ETH/USD) alternatives have been booming lately. Apart from Solana itself, Cosmos (ATOM/USD), Avalanche, and Luna all saw great amounts of money flowing into them, with their tokens rallying by over 80% against ETH over the past month.

In his recent essay, called Solana Summer, Packy McCormick noted that people started buying SOL, experiencing its speed and low transaction costs, and they simply got more bullish, wanting more. However, the real boom is coming from NFTs. Solana is a good place to get access to NFTs and DeFi projects, both of which are seeing more and more interest. With that in mind, there are now forecasts that claim that SOL could go up to $145, and that NFTs will be the key to reaching these heights.

The post Solana reaches the top 10 cryptos list after entering the NFT market appeared first on Invezz.

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Solana (SOL) на Currencies.ru

$ 222.5 (-0.56%)
Объем 24H $7.159b
Изменеия 24h: -0.06 %, 7d: -3.78 %
Cегодня L: $216.53 - H: $230.49
Капитализация $105.742b Rank 5
Цена в час новости $ 100.91 (120.49%)

solana market nft list recent enter crypto

Источник: invezz.com

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