Solana ($SOL) Hits New All-Time High Above $70 as Its DeFi Ecosystem Attracts Investors

by Guillermo Jimenez
7 ways to make with crypto

Solana ($SOL) Hits New All-Time High Above $70 as Its DeFi Ecosystem Attracts Investors

The price of Solana ($SOL) has briefly surpassed the $70 mark to hit a new all-time high above $77, as the cryptocurrency outperformed other top cryptocurrencies over the last 48 hours thanks to growing interest in its decentralized finance (DeFi) ecosystem.

TradingView data shows the cryptocurrency is up over 150% in the last 30 days, and over 65% in the last two days. After hitting its new all-time high, SOL’s price dropped slightly to now trade at $65.5.

Solana ($SOL) Hits New All-Time High Above $70 as Its DeFi Ecosystem Attracts Investors

SOLUSD Chart via TradingView

The cryptocurrency’s price has been surging, as Business Insider reports, because a number of projects developing on top of its network have recently received capital inflows. Decentralized exchange Mango markets, for example, raised $70 million in a token sale last week.

Speaking to the news outlet Seth Ginns, managing partner at CoinFund, revealed there has been a lot of activity on Solana’s network because of the launch of a popular non-fungible token collection called the Denegerate Ape Academy.

The digital art collection sold on a marketplace on Solana, which Ginns says is also attracting developers. He said:

It’s increasingly seen as one of the go-to blockchains for developers.

Serum, a decentralized exchange founded by cryptocurrency billionaire Sam Bankman-Fried, who’s also the CEO of cryptocurrency exchange FTX, is also built on top of the Solana blockchain.

Data from its blockchain shows Solana’s network has processed over 24 billion transactions so far and has been consistently handling over 1,400 transactions per second.

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Featured Image via Pixabay

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