JAKARTA – The price of Solana (SOL) has skyrocketed and its market capitalization surpasses Cardano (ADA) and Tether (USDT). With this achievement, SOL now occupies the top four positions after Bitcoin, Ethereum, and Binance Coin.
At the time of writing, the SOL price was trading at the level of Rp.3,538,641. Meanwhile, its market capitalization of US$74.8 billion surpassed ADA and USDT with a market capitalization of US$67.9 billion and US$72.6 billion, respectively.
According to Cointelegraph, Solana's market cap jumped as its native token, SOL, rose to another record high. On November 7th, the SOL price crossed above $262 for the first time in history, mainly due to a market-wide price rally that saw other top cryptocurrencies register similar gains.
On the other hand, the factor that made the price of SOL skyrocket was the launch of funds for the development of Web3 games through Solana Ventures some time ago. Solana Ventures partnered with FTX and Lightspeed Venture Partners to invest US$100 million in GameFi development and other technology sectors.
Therefore, Solana Ventures aims to attract PC and mobile video game developers to build their projects on the Solana blockchain so as to increase SOL adoption even more. The same thing happened this year where the price of SOL skyrocketed by almost 17,500 percent from the initial price of 1.51 dollars to 262.45 US dollars.
Solana is one of the cryptocurrencies that is a serious rival to Ethereum, which is known for its expensive gas fees for each transaction and its dense network. Solana comes with the ability to process 50,000 to 60,000 transactions per second with an average transaction fee of 0.00025 US dollars. Meanwhile, Ethereum transaction fees range from US$4 to US$21.
Paul Veradittakit, partner at Pantera Capital, told Bloomberg, calling Solana a “top competitor” for Ethereum, Cardano, and other smart contract platforms, regarding “developer adoption and momentum.”
Even though the price of SOL has skyrocketed, the price of Solana's crypto has the potential to undergo a correction. This is because the SOL movement has formed a Rising Wedge which is a bearish signal. In addition, the SOL cryptocurrency has also confirmed a bearish divergence between the price increase and the downward momentum as confirmed by the lower high on its daily relative strength index.
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