Market Interest In Solana Increases, Here's The Proof!

Crypto Solana has experienced a positive increase in the past month. (Photo; Doc. Cybernews)

JAKARTA - Solana (SOL), one of the fastest and most popular blockchains in the crypto industry, has made an impressive performance since the beginning of this year. SOL prices have seen an impressive increase in the past month. Data from Coingecko shows the performance of the SOL price skyrocketed 118%. At the time of writing, SOL is trading at IDR 930,122 per coin at 10:00 WIB, Monday, November 20, 2023.

According to crypto analytics platform Santiment, positive sentiment towards SOL among crypto buyers has reached a new high. This shows that there is a great interest in SOL, which is considered one of Ethereum's main competitors (ETH), the second largest blockchain after Bitcoin (BTC).

Solana has the potential to surpass Ethereum in terms of speed, cost and scalability, which are important factors for the development of blockchain-based applications, such as games, DeFi, and NFT. In November 2021, SOL hit an all-time high price (ATH) of $260.06 (Rp4,023,000) per coin, showing market recognition of Solana's quality and innovation.

On the other hand, SOL does not escape the challenges and pressures experienced by the crypto market as a whole. By the end of 2021, SOL experienced a sharp price drop, triggered by the collapse of the FTX Derivative Exchange, a crypto derivative exchange that has close ties to Solana. As a result, SOL fell to 8.14 US dollars (Rp 125,800) per coin, lowering its valuation to 76.85%.

Nevertheless, SOL managed to bounce back and show extraordinary resilience. At the time of writing, SOL was trading at $60.10 (Rp 928,000) per coin, up 5.27% in the last 24 hours. SOL trading volume reached $2.13 billion (Rp 32.9 trillion), making it the fifth most popular token on crypto exchanges.

Solana continues to innovate and develop its ecosystem, by launching new products such as Saga blockchain-based phones earlier this year. Solana also has a vision to become an Apple from Web3, which is a new generation of decentralized and blockchain-driven internet.

Solana has the support of some well-known investors and traders, such as Ark Invest's Cathie Wood, who predicts that Solana will beat Ethereum in the long term.