Solana Continues Rally Amid DeFi and NFT Frenzy

Azeez Mustapha
31 August 2021 | Updated: 31 August 2021

Solana (SOL) continues to clear new record highs despite the mild market-wide bearish sentiment. Analysts suggest that several fundamental factors are behind the recent boom in SOL.

One of such factors is the unveiling of the ‘Ignition’ event scheduled to take place later today till October 8. Given the buzz around it, this event could boost investor optimism even higher, further sending SOL to record highs.

With a price of $118 (at press time), Solana is a strong competitor to Ethereum in the DeFi industry. SOL currently trades up by 19% intraday-wide and +50% this week, pushing it to become the eighth-largest cryptocurrency by market cap.

While the purpose of Ignition is not confirmed, speculators suggest that it could vary between a liquidity mining program and the provision of grants for developers working on DeFi projects or NFT creators.

Solana Becomes Preferred Blockchain by Many Thanks to Network Speeds and Efficiency

On a year-to-date basis, Solana has grown by over 6,000%, making it one of the best-performing networks in 2021. The meteoric rise in DeFi and NFTs remains the biggest driver of the network’s boom, as the network became one of the most used for developing such projects, thanks to its network speeds and efficiencies.

With many crypto investors looking to diversify from cryptocurrency trading, DEXs, DeFi projects, and NFTs have soared significantly, dragging Solana along. An example of such projects on the Solana blockchain is Soldex, which allows traders access to AI-powered algorithms for an improved trading experience. Capitalizing on the super-fast transaction speeds on the network, Soldex (a DEX) also allows users the ability to conduct real-time transactions, participate in community governance, and incentivize liquidity.

Functionalities like these are sure to attract more investors to the platform in the near term, further bolstering the value of SOL.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.