Solana Headed To $100? Here’s What’s Driving The Growth
21 Dezembro 2023 - 6:00PM
NEWSBTC
Solana (SOL) is flying high at the moment, and from all
indications, the crypto token has no intention of slowing down
anytime soon as it eyes $100. This is no doubt feasible,
considering the several bullish narratives that continue to build
up in the Solana ecosystem. Interestingly, SOL recently surpassed
XRP to become the fifth-largest cryptocurrency by market cap.
Solana DeFi 2.0 Is No Joke On December 16, the official X (formerly
Twitter) account for Solana made a post where it stated that
“Solana DeFi 2.0 is just getting started.” Indeed, SOL may be up to
something as its DeFi ecosystem continues to garner steam. Data
from DeFiLlama shows that Solana has been going head to head to
Ethereum in terms of DEX volumes on the respective chains.
Related Reading: Crypto Analyst Says Ignore FUD, XRP Is Headed To
$5.85 Solana recently surpassed Ethereum in 7-day DEX volume for
the first time in history. SOL has seen about $9.03 Billion in
trading volume across all the DEXs on the chain in the last seven
days. At the same time, Ethereum saw $8.836 Billion. This is more
impressive when you consider the fact that Ethereum houses the most
prominent decentralized exchanges. With such liquidity
flowing into the ecosystem, it is only a matter of time before
SolaSOLna hits $100. Data from DeFi Llama also shows that many are
doubling their stakes in the Solana ecosystem. At the time of
writing, the Total Value Locked (TVL) on Solana stands at $1.20
billion, its highest level since last year. Much credit needs to be
given to the protocols that continue to build on Solana. One of
them happens to be the liquid staking protocol Jito, which has over
$570 million locked on its protocol. The DeFi platform recently
distributed $225 Million in airdrop to SOL users causing new money
to flow into the ecosystem. SOL price breaks $88 | Source: SOLUSD
on Tradingview.com Is SOL Coming For Ethereum? For a long time,
Solana has been dubbed the “Ethereum Killer,” but that has never
really materialized. The network has for a long time, suffered
numerous outages, which made many assume that it could not match
Ethereum. However, this time around, there is a growing belief that
SOL is well-prepared to live up to the hype. It is worth
mentioning that the Solana network has been 100% uptime since the
last time it recorded a network outage in February this year. This
is also more commendable considering the surge in network activity
that Solana has experienced in recent times. Related Reading:
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Robinhood If Solana is somehow able to put these outages in the
past, there is no doubt that people could look to it as a better
alternative to Ethereum. An increase in its utility will also
undoubtedly increase SOL’s value. ARK Invest’s CEO Cathie Wood
recently praised how Solana is “doing a really good job.” She
further alluded to the fact that SolaSOLna is even faster and more
cost-effective than Ethereum. At the time of writing, SOL is
trading at around $86, up over 10% in the last 24 hours, according
to data from CoinMarketCap. Featured image from Disruption
Banking, chart from Tradingview.com
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