Solana Skyrockets to 4th-Largest Crypto Amid SOL-Based Web 3.0 Investment

November 05, 2021, 11:00 AM AEST - 3 weeks ago

Solana (SOL) has been thriving in the crypto market recently, reaching a new all-time high of US$248.45 on November 3, at around 9pm Eastern time.

SOL Overtakes ADA

SOL has risen in price by 23.56 percent in the past seven days, trading at US$246 at the time of writing. The token has had a surprising performance this year, up more than 17,000 percent since the first quarter of 2021. 

SOL/USD chart. Source: Messari.io

The token now holds a US$72.20 billion market cap, and 24hr trading volumes have skyrocketed to US$2.8 billion.

After the price surge, SOL flipped Cardano (ADA) to become the fourth-largest crypto by market cap. Meanwhile, Cardano has been struggling even after the release of its smart contracts, trading at US$1.98 at press time, down 11.17 percent in a month.

Solana Gaining Ground Amid Positive Newsflows

The price surge follows several promising DeFi projects and the integration with Crypto.com, which will allow users to deposit and withdraw USDC via Solana.

Another strong boost for Solana came after the announcement of a US$8 million seed round completed by Syndica, which is building the “next-generation blockchain infrastructure for the Solana ecosystem”.

Besides, two of Solana’s biggest DeFi projects are both decentralised exchanges with yield-generating features, and they hold around US$2 billion in total locked value (TLV) each.

The open interest for SOL has been high as well. On October 26, SOL’s derivatives market reached a record-high US$1.86 billion – spiking 123 percent in a month.

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