Ethereum Competitor Solana Gains 300% in a Month to Hit $150

This year has witnessed several cryptos achieve incredible gains and rocket up the rankings, ranging from Cardano, which is currently the third-largest venture, to Binance Coin, which is now valued more than $80 billion. Nevertheless, their gains were eclipsed by Solana, a crypto venture, referred to as the latest ‘Ethereum killer.’ SOL has increased by 300% percent in a matter of one month, surpassing Dogecoin to rank seventh on the list of the most valuable cryptocurrencies.

SOL is now trading at $140, having reached an intra-day high of $150.43. The cryptocurrency now has a market capitalization of $42 billion. Solana has now surpassed Dogecoin, reflecting the year’s best performances, after getting backing from Elon Musk and a slew of other celebrities.

The cryptocurrency debuted in 2017, yet it is already valued higher than Lloyds Banking Group, Electronic Arts, and Ferrari. Even some analysts have been taken off surprise by Solana’s ascent, leaving them impossible to predict the peak. In an interview with CNF, Yuri Mazur, the director of data analytics at CEX.IO exchange, said, “The price of Solana (SOL) is on the rise currently as the blockchain is presently demonstrating its ability as a feasible alternative center for all things Decentralized Finance and Non-Fungible Tokens.”

The 60% increase in Solana to $145 [in the last week] is being driven by increased necessity for tokens used in minting millions of NFTs being unveiled on the Solana blockchain. Solana is just the most recent big initiative to keep up the momentum to the top on the story of becoming the definitive Ethereum killer.

The leading altcoin is the seat of DeFi, NFTs, and apparently every other significant blockchain invention. It has, nevertheless, become a runaway success, with exorbitant prices and a lack of scalability presenting significant challenges. Cardano took full advantage to become the third-largest crypto with the same story, regardless of the fact that the venture lacked even smart contract abilities.

Polkadot has also been dubbed the “ultimate Ethereum killer” previously, with Dr. Gavin Wood, the venture’s creator, having been a major player in the creation of Ethereum. Mazur went on to say, “Solana is still demonstrating to be a robust and superior option to Ethereum, whose exorbitant transaction costs are indeed a factor driving certain people away from the blockchain and its associated transaction covenants.”

Nevertheless, the data wizard thinks that it is not yet ready to proclaim Solana as the next Ethereum killer.

“Solana has a long path to tread before it can be considered a significant DeFi and NFT platform. Taking on Ethereum is a method for the blockchain to make its imprint; but, in order to maintain its growth, greater improvements and functionalities must be revealed in order to compete with other blockchains, like Cardano.”