Solana (SOL) is flying excessive in the intervening time, and from all indications, the crypto token has no intention of slowing down anytime quickly because it eyes $100. That is little question possible, contemplating the several bullish narratives that proceed to construct up within the Solana ecosystem. Curiously, SOL lately surpassed XRP to grow to be the fifth-largest cryptocurrency by market cap.
Solana DeFi 2.zero Is No Joke
On December 16, the official X (previously Twitter) account for Solana made a post the place it acknowledged that “Solana DeFi 2.zero is simply getting began.” Certainly, SOL could also be as much as one thing as its DeFi ecosystem continues to garner steam. Data from DeFiLlama reveals that Solana has been going face to face to Ethereum when it comes to DEX volumes on the respective chains.
Solana lately surpassed Ethereum in 7-day DEX quantity for the primary time in historical past. SOL has seen about $9.03 Billion in buying and selling quantity throughout all of the DEXs on the chain within the final seven days. On the similar time, Ethereum noticed $8.836 Billion. That is extra spectacular when you think about the truth that Ethereum homes the most prominent decentralized exchanges.
With such liquidity flowing into the ecosystem, it is just a matter of time earlier than SolaSOLna hits $100. Data from DeFi Llama additionally reveals that many are doubling their stakes within the Solana ecosystem. On the time of writing, the Complete Worth Locked (TVL) on Solana stands at $1.20 billion, its highest degree since final 12 months.
A lot credit score must be given to the protocols that proceed to construct on Solana. Certainly one of them occurs to be the liquid staking protocol Jito, which has over $570 million locked on its protocol. The DeFi platform lately distributed $225 Million in airdrop to SOL customers inflicting new cash to move into the ecosystem.
SOL value breaks $88 | Supply: SOLUSD on Tradingview.com
Is SOL Coming For Ethereum?
For a very long time, Solana has been dubbed the “Ethereum Killer,” however that has by no means actually materialized. The community has for a very long time, suffered numerous outages, which made many assume that it couldn’t match Ethereum. Nonetheless, this time round, there’s a rising perception that SOL is well-prepared to dwell as much as the hype.
It’s price mentioning that the Solana community has been 100% uptime because the final time it recorded a network outage in February this 12 months. That is additionally extra commendable contemplating the surge in community exercise that Solana has skilled in latest instances.
If Solana is by some means capable of put these outages prior to now, there isn’t any doubt that folks might look to it as a greater different to Ethereum. A rise in its utility may also undoubtedly enhance SOL’s worth.
ARK Invest’s CEO Cathie Wooden recently praised how Solana is “doing a extremely good job.” She additional alluded to the truth that SolaSOLna is even sooner and more cost effective than Ethereum.
On the time of writing, SOL is buying and selling at round $86, up over 10% within the final 24 hours, based on data from CoinMarketCap.
Featured picture from Disruption Banking, chart from Tradingview.com
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