On Tuesday, the price of Solana soared to new heights pushing the seven-day gains over 67%. That’s pretty impressive for a coin that had debuted almost 18 months ago.
This brings the market capitalization to about $38 billion. Solana is a decentralized blockchain platform that handles the transactions of SOL coin along with digital assets such as non-fungible tokens.
For the world’s eighth largest cryptocurrency, it has climbed more than 2,348% this year. Analysts have pointed out that one of the main drivers of Solana is the support of smart contracts. This means that developers can create decentralized finance applications and non-fungible tokens.
Also, it is deemed to be an Ethereum (ETH) competitor that is tackling some of the issues that Ethereum couldn’t. Overall, it’s an interesting technology which shows that the world of crypto is gaining investors interest and everyone seems to want a piece of the action.
Another thing to look at is the growing interest in altcoins of various sorts. It shows that the crypto market is growing with interesting projects popping up and amassing a huge following that can help the platform.
