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Solana Reaches a New All-Time High -Breaking

by Mike Robinson

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Solana reaches a new all-time high
  • At $260, it was an all-time record.
  • Solana’s current price action is reminiscent of Etheruem’s 2017 rally.

While not every Ethereum-killer is compelling, Solana managed to make a strong case for Ether.

Solana To New Highs

The third-generation blockchain Solana has reached an all-time record. It facilitates quick transaction outputs and is now at an all time high. Data from CoinMarketCap shows that SOL’s price was $260.06 as of November 7, 2018. SOL currently trades at $252 following its rejection at the $260 level.

Solana’s price action is on a tear, hitting new price records every week. Solana registered a new psychological high of $250 by breaking the initial psychological threshold. Solana was able to flip and also became fourth in cryptocurrency market capitalization, with an estimated total market cap at $76 billion.

The price action results from the network’s usability as more users turn to Solana due to lower fees and faster transaction outputs. DeFi Llama data shows that the TVL for Soalan has reached an all-time high of $15.13 trillion.

With ETH fees becoming a nuisance which caused a slowdown in the NFT, the NFT hype moved on Solana, adding more incentives to the network’s use case.

Solana’s surge has prompted Crypto Twitter (NYSE:) to show similarities between Etheruem’s early surge during the ICO era and Solana’s current movement, somewhat mirroring Ethereum.

Flipside

  • Solana has a CEO and a “centralized stake,” which makes it more centralized than Ethereum.
  • Following a DDoS assault, Solana’s network was taken offline for 17hrs.

Why you should care

Solana’s price increased by 18,000% in the last 365 days; however, the network still need to be proven in the current and future market dynamic.

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