The Solana bulls have returned to competition
Coingecko statistics indicate that among the top 50 cryptocurrencies by market capitalization, SOL, the native token underlying the layer-1 blockchain Solana, has gained by almost 11% over the past 24 hours.
At the time of this writing, SOL is trading at approximately $26.09, following reaching a new 90-day high of $26.96 earlier today.
The so-called Ethereum killer’s market value has climbed by a remarkable 21% over the previous week, and it is now the twelfth largest cryptocurrency.
Last week’s price movement, Solana’s market capitalization has now crossed $10 billion for the first time since its fall after the FTX crisis in November 2022.
Yesterday, Solana futures investments were liquidated for just under $5.86 million, according to data from Coinglass.
70.26 percent of the $4.12 million in liquidated assets were blown-out short positions.
Red bars represent short transactions that are excessively large.
Notwithstanding Solana’s heroism over the past week, SOL has fallen 89.81% from its November 2021 all-time high price of $259.96.
Solana bulls are rising
Principal growth drivers for SOL are the anticipated migration of the Helium network to Solana and the rapid increase in Solana-based NFT trading volumes.
Helium, which was launched in 2019, is a decentralized network of “hotspot” devices that give Internet of Things (IoT) devices with long-distance connectivity. The network is powered by the same-named blockchain.
By integrating with Solana, Helium’s developers can concentrate on building more hotspots rather than blockchain maintenance.
In a recent blog post about the merger, it was noted that Solana “has the speed and scalability necessary to take on the blockchain responsibility” because to its ability to power thousands of transactions per second and its vast network of developers, applications, and integrations.
The move is planned to occur on March 27. According to CoinGecko, the price of HNT, Helium’s native token, has climbed by about 6% during the past 24 hours.
On Solana, there is an increase in NFT trading activity. The previous day’s sales of Solana-based NFTs jumped 12.68% to $2.63 million, as reported by Cryptoslam.
At the same period, sales of NFTs based on Ethereum decreased by 10.57 percent.
Content Source: decrypt.co
Cover Image Source: marca.com
