Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world. This digital Token has been growing increasingly popular since June. The price has skyrocketed immensely and some traders are already calling it Ethereum killer.
The cryptocurrency has appreciated by more than 15,000% this year alone. It serves as the native token for the SOL platform and it hit an all-time high of $245 earlier today. SOL overtook tether USDT as the fourth largest cryptocurrency market capitalization.
It has been one of the most impressive crypto assets of 2021 and it is currently one of the most talked-about coins at the moment. well here are the top 3 reasons why Solana’s price keeps getting high.
3 Reasons Why the Price of Solana Keeps Getting Higher
Low Transaction Fees and Speed
One of the biggest reasons why the price of SOL keeps getting high is the continuous acceptance it is getting from crypto enthusiasts because of how fast it is. The low transaction fee is a contributing factor that is making the fanbase bigger daily. Solana can process at least 50,000 transactions in a second, it cost less than $0.01 per transaction. Ethereum on the other hand process 15 to 45 per second and it will cost between $0.012 to $50.53 per transaction. The gas fee of ETH got high and it saw more people carrying out transactions in SOL rather than ETH.
Solana Moved into NFT
Solana like Ethereum joined the NFT market in partnership with Degenerate Apes. Their sales hit almost $500 in 3 months alone. Sales are carried out using SOL and it is one of the reasons why the price of SOL keeps getting high.
Developers Favorite Blockchain
Solana is Ethereum’s biggest rival a lot of developers have moved to Solana’s blockchain as a result of the congestion and high fees on the Ethereum blockchain. This move is also one of the biggest reasons why Solana is now a top-tier coin.
Solana has the potential to keep soaring high it’s a project I am excited about. A lot of digital assets are claiming to be Ethereum Killer but SOL is the true ETH killer. If there are any reasons you think SOL is rising that I missed, feel free to share in the comments below.
Disclaimer: this is not financial advice in any way the crypto market is highly volatile and you should only invest what you can afford to lose.
A big thank you to my Sponsor
SOL is the perfect coin to stand against ETH. Has a very solid team as well