Solana Spikes To A New all-time High As Crypto Market See Green Day

Solana Price Spikes 6% increases as the crypto market lit up with green. Currently, Solana is touching a new all-time high of US$218.73, according to data from CoinMarketCap.
Furthermore, Solana is seeing slight decline afterwards and currently trades at around US$208.57.

Notably, Solana is now the world’s fifth-largest cryptocurrency with a market cap of US$62.7 billion. Also, the price sees over 400% in the month leading into early September. This is when it saw its previous high of US$214.96.

Furthermore, These highs is after successful launch of “Degenerate Apes,”. This is a native Solana non-fungible token project selling in September for 5,980 SOL, or US$1.2 million at the time.

Meanwhile, Solana cam handle 65,000 transactions per second and is 2,000 times faster than Ethereum. Also, its 40 times faster than Visa. Consequently, it is now the favorites for Smart contracts and NFTs. Presently, many refer to it as the “Ethereum killer”, meaning a leading rival of the Ethereum blockchain.

Furthermore, After Solana all time high in September, the demand continues to increase. More so, at some point it records 400,000 transactions per second, which was more than the system could handle. This causes the network to bug and some nodes to go offline. Of course, this then causes it to see over 40% decline.

Notwithstanding, Solana is still on the increase, especially with massive institutional investment inflows. It records investments worth over US$4.8 million into the network that week. This information is according to digital asset manager CoinShares.

“This suggests investors were happy to shrug off the attack,…”
“seeing it as teething problems rather than something more inherent with the network,”

As CoinShares Investment Strategist James Butterfill reports.
“Inflows were also likely helped by the speed at which miners adopted the upgraded protocol.”