Fastest Horse of the Second Inning of Bull Run? Solana (SOL) Hits New ATHs
Solana has yet again bounced off the recent lows the fastest, already hitting new all-time highs.
SOL is known for its resilience and bounce off of lows in down markets, and it didn’t disappoint this time either. Trading at $62.08, SOL is currently 2.58% down from its $63.68 ATH hit a couple of hours back.
$SOL new ATH
+40% in the last 24H
+20x vs BTC and +10x vs ETH 2021
This is how outperformance looks like. pic.twitter.com/5nhTKdQuSA
— Alex Krüger (@krugermacro) August 16, 2021
Up 36% in the past 24 hours, SOL recorded gains of 1,835% YTD and 12,170% from a year ago in May. It is also the 63rd most held crypto asset on Coinbase.
With this latest uptrend, SOL has become the 10th largest cryptocurrency with a market cap of $17.750 billion.
It wasn’t only SOL alone either; other projects in the Solana ecosystem are also enjoying a surge in their prices. The likes of Step Finance (86%), Arweave (41%), Raydium (34%), Serum (30%), and Audius (12%) have recorded a spike in prices in the last 24 hours.
I'd forgotten just how brutalized some of these Solana ecosystem projects got.
That chart is a 2.5x of the lows lmao.
With the $SOL pump today, and the general illiquidity in these, looking for some sweet mean reversion plays. pic.twitter.com/mKEuA90RaX
— Hsaka (@HsakaTrades) August 15, 2021
Solana is a base layer, layer 1 blockchain, and a competitor of the second-largest cryptocurrency with a market of $383 billion Ethereum (ETH) along with Cardano (ADA), BSC, and Polkadot (DOT), all of which sits in the top 10.
“Solana ecosystem is the second-largest behind Ethereum but growing at a much faster rate. IMO it's insane that Solana is valued at just ~5% of Ethereum's market cap (fully diluted),” said Tushar Jain of Multicoin Capital which is long SOL.
While Ethereum is transitioning towards the Proof-of-Stake (PoS) consensus mechanism to tackle the issue of scalability and high fees, Solana already uses the PoS consensus algorithm to help secure the network while featuring a new timestamp system called Proof-of-History (PoH) that enables automatically ordered transactions.
Compared to Etherem’s 15 transactions per second, Solana boasts about 50,000 TPS.
10,000 @DegenApeAcademy apes were minted on #Solana in ~8 minutes today. Sold out.
This is how long it takes me to mint 1 NFT on #Ethereum.
I dunno @aeyakovenko, you might be onto something.
— C◎[email protected] 0101010101 (@C0inMatrix) August 15, 2021
Solana also has a record $1.96 billion of total value locked (TVL) in it, with Raydium leading with its $825 million, having dominance of 42.18%, according to DeFi Llama.
It is slowly looking to finally turn out to be a Solana Summer, with Solana enthusiasts working on making it a reality. Recently, decentralized, cross-margin trading platform Mango Markets built on Solana raised $70.5 million in its token sale.
imo every asset needs beliefs, memes, and lores to succeed in the coming decades
like how we want to believe heaven exist, how millennials simply like to buy tsla because they believe in a green future, how ftt and sol = trust sam
whats your defi coin's lore and beliefs ? https://t.co/TsjKbAhl1I
— CL (@CL207) August 15, 2021
NFT is also coming to Solana with the airdrop of Degenerate Ape Academy getting sold out in less than 10 minutes with $9 million volumes recorded on the first day. Not to mention, Solana has the backing of the rapidly growing FTX founder and CEO Sam Bankman-Fried.
“SOL will be one of the fastest horses in the next leg of the bull run. The Solana ecosystem continues to build momentum with development activity booming and TVL soaring past ATHs. Even at current val. It still offers one of the best R/R in crypto. SOL summer is coming,” noted DeFi investor Daniel Cheung.