Solana DeFi Peaks Investor Interest as SOL Charges All-Time Highs

SOL finds itself in a good position to rise as the crypto market heats up in the dog days of summer.

SOL Terms

The price of the native token SOL has reached new all-time highs and prompted institutional investor interest. Several factors have led to the recent uptick in activity on the public blockchain. Solana was notably absent from the largest Decentralized Finance (DeFi) hack in history just last week.

SOL powered through $70 USD, topping at $74, up over $20 from two days prior. The price shot up by more than 56% over the last week, according to CoinMarketCap. Many names have taken to social media drumming up support for the chain, while others appear skeptical. The facts remain: SOL is rising.

“Big week in the $SOL ecosystem. TVL at an ATH $1.8B (@RaydiumProtocol @ProjectSerum & @Saber_HQ leading the way) 10,000+ people waited for the @DegenApeAcademy drop sold out in 8 minutes w/ $9M in volume day 1, @mangomarkets $70.5M sale, & its the #63 most held asset on @coinbase,” read a tweet from John Street Capital on August 15th.

Solana is, in colloquial terms, mooning. SOL, a blockchain-backed by FTX founder Sam Bankman-Fried, has been catching the eye of institutional investors. The coin escaped the recent DeFi hack and functions as a faster, cheaper layer-one protocol than Ethereum. 

The chain is one that many see as a competitor to Ethereum, and despite the hype, Solana still has much room for growth.


An ETH Competitor?

The rise of an Ethereum competitor has always seemed imminent. Few could have predicted the proliferation of new chains that have come on the scene to challenge Ethereum, from Binance Smart Chain to Polygon and Solana. 

Every chain comes with its positives and flaws. Ethereum is currently trying to mitigate congestion with forks this summer and fall, while users opt for price and speed over decentralization with Binance Smart Chain. 

Solana still poses questions about its neutrality as a public blockchain and its ability to scale. These are essential questions to answer as the crypto market surpassed $2 trillion in total market capitalization for the first time since May.

Significant events like listing on Coinbase help establish institutional credibility that brings investors to ease when engaging the asset. Traders across social media are now highly bullish on Solana. The signs all point to growth in activity and capital on the blockchain. 

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