What Pushed Solana Prices To A Fresh, All-Time High Today?

The Solana Salt token was recently launched and has hit a series of new all-time highs in recent months as the platform offers wide visibility.

The digital currency rose to $219.11 today, according to Messari.

To date, the cryptocurrency has surged over 13,500% in 2021, revealing additional news figures.

At the time of writing, the digital asset is pulling out quickly, trading at nearly $212.

[Editor’s note: Investments in cryptocurrencies or tokens are highly speculative and the market is largely unregulated. Anyone considering this should be prepared to lose their entire investment.]

According to the DefiLlama data source, it is worth noting that the Sol token hit its last record on the same day that the Total Value (TVL) locked for DeFi projects built on the Solana platform hit a record high. Work. At the time of writing, TVL figures have reached $13.67 billion.

In addition, digital currencies have become more valuable as they and other Layer 1 tokens have increased with Bitcoin. This is a development reported by CoinDesk and Cointelegraph.

However, when asked to explain the recent changes in salt prices, the analysts who contributed to this article highlighted various upside factors.

“Solana continues to thrive for a number of reasons,” said Tim Eneking, managing director of Digital Capital Management.

“This is a legitimate participant in the NFT market (as opposed to being a ‘hype participant’ as all tokens claim some kind of partnership with NFT to lower prices),” he said. determined.

In addition, Solana can deliver what Ethereum “has really promised for years (PoS, lower transaction fees, better scalability, etc.).”

In addition, the connection with the FTX cryptocurrency exchange creates a bottleneck.

Finally, “Solana’s growth rate (almost all indicators: TVL, Twitter mentions, community size, etc.) is an order of magnitude higher than ETH’s growth rate.”

Eneking is also called data exchange.

“Perhaps the strongest indicator of the day is opening a long leveraged $10 million position on Bitfinex in the last 20 hours and closing a short $4.5 million position,” he said.

“The net increase of $15 million in margin positions on the exchange is huge and illustrates it.”

“All of this only leads to the conclusion that the potential for increasing SOL is greater than the potential for increasing ETH, even though it looks like ETH will reach new ATH,” said Eneking.

Konstantin Anisimov, CEO of CEX.IO, was also present and spoke about Solana’s excellence.

The platform has its own value proposition, “which creates strong competition for Ethereum and other L1 blockchains on which projects can develop DeFi solutions,” he said.

“Solana offers blazing fast performance for less than $0.01. This, combined with a very active developer community and generous developer grants to further stimulate innovation, is a success. Shows the way.”

But he was talking about the competition generated by the Ethereum platform.

“Solana is not the only L1 blockchain project with a promising future.”

“And we must not forget Ethereum’s dominance in the space, regardless of price or execution speed.”

Anisimov also commented on the observation that the sol token follows Bitcoin, emphasizing that the “best cryptocurrencies” usually have this type of correlation with the world’s most famous digital currencies.

Jordi Pasquale, CEO of cryptocurrency hedge fund Bitbull Capital, developed this development and explained it in more detail.

“Right now, the future of BTC is still uncertain, so retailers are looking for relatively safe altcoins,” he said.

“Without a full ‘season’ “it’s natural for traders to look for assets that have been proven over the last few months and can move somewhat independently of Bitcoin,” DiPasquale said.

“Sorana is upstairs, but the others are DOT, LUNA, ATOM, etc.

“This good stock is expected to do well until the market is confident enough to invest in riskier altcoins.

Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS and Sol.