Solana’s Price Performance Looks Good
Solana is making headlines in the crypto-verse. The coin has been showing a good performance dynamic recently.
According to Coingecko, in the past 30 days SOL has seen an increase of 21.5%, with the respective numbers for 7 days and 24 hours standing at 1.7% and 0.6%
SOL price dynamic. Source: Coingecko
With a circulating supply of 410 Million SOL, Solana is currently valued at a market cap of $9,805,354,587.
The rise comes shortly after SOL faced troubles pertaining to the U.S. court that approved the sale of $1.3 billion in SOL from the bankrupt exchange FTX.
Some believe that the growth is driven due to the increasing usage of decentralized applications (DApps) and increased non-fungible token (NFT) volumes on Solana.
Meanwhile, head of Bitcoin-rival and blockchain platform Solana, Austin Federa said that many people are looking for Bitcoin alternatives.
"Bitcoin fought its way to where it is today, and I don't think any of us would be here (without) the success of Bitcoin," Federa said, adding that "I think there are some parts of the world of crypto that have just moved on from Bitcoin.”
“In two years, you will realize that everything was as simple as buying SOL below $20 and waiting. But you were too scared because FTX was going to dump their coins.
Others are promoting the coin via social media. This includes the pseudonymous analyst Inmortal who told his 199,100 followers on X (Twitter) that now is the opportunity for long-term bulls to accumulate the coin to get rewarded in the coming years.
To that end, it is, however, worth noting that Bitcoin’s performance over time is even better than that of Solana (SOL). In the course of one year its value has grown by 39.9%. The respective percentages for 30 days and 14 days are 8,7% and 5,2%.
GNcrypto will follow the events closely.
Previously, we reported that Solana’s co-founder urges Congress to regulate crypto.
