Since its inception in March 2021, the Solana mainnet has garnered a large number of users. The altcoin’s expansion is further aided by the rise of non-fungible tokens (NFTs). SOL has risen to sixth place among the world’s top ten largest.
Solana’s lower gas prices have helped it establish itself as a new player in the NFT market, bolstered by the creation of specific digital collectibles marketplaces such as Solanart, DigitalEyes, and others.
The revelation that Solana Labs, the development team that maintains the Solana chain technology, had acquired $314 million in new investment has sparked interest in the coin. The funds will be utilised to advance Decentralized Finance (DeFi) technology.
It also has the support of FTX, which operates a cryptocurrency exchange and today marks the grand opening of the FTX NFT exchange, which is powered by Solana. Users can purchase and trade non-fungible tokens with their SOL on this exchange.
Solana price prediction
One of the few digital assets to withstand the selling pressure was Solana (SOL). Solana’s price is currently very bullish and is trading at $211. It has gained more than 18 percent in the last 24 hours. The market sentiment is bullish and if the upward rise continues then SOL may soon breach the $250 level.
The token appears to be blowing past everyone, and there is clearly a lot of momentum. On a larger scale, $300 might be the next target price.
SOL Price is Exploding, But Why?
Lark Davis, a crypto trader, believes that five basic principles are driving the stratospheric ascent of Solana, a smart contract platform (SOL). Large financial organisations are also showing interest in Solana, according to Davis.
Solana is attracting the attention of institutional investors. Two weeks ago, Osprey launched a Solana fund. They are far from the only high-rollers flocking to Solana Beach right now.
Davis also considers Solana’s ecosystem’s total value locked (TVL), which has risen to nearly $5 billion. As market players attempt to supply liquidity and create yields without spending hundreds of dollars in transaction costs, the Crypto trader expects that Solana’s TVL will continue to increase.