If you’ve been paying attention to crypto prices the past couple of weeks, then you’ve already seen the news — Solana is back!
The blockchain and cryptocurrency once billed as the ‘Ethereum killer’ has seen a remarkable rise in price recently. Its token price is up over 145% over the past four weeks, and on November 11th, Solana’s user count reached 356,330 daily users, topping Ethereum for the first time — which had 330,000 users that day. The data was reported by Artemix, an institutional data platform for digital assets.
Like many cryptos, Solana went through a tough time between November 2021 and January 2022. It’s all-time high price of $260 per coin fell to just under $10, due largely to the overall bear market in crypto set off by the FTX collapse. Its current price is hovering around $53, up 33% over the past thirty days (source: Coingecko).
Solana has also seen a rise in the total value locked (TVL) in its DeFi protocols, which enjoyed a 62% increase during the same period. Some of its success can be attributed to its recent “firedancer” upgrade, as well as the quelling of fears that FTX’s estate will sell off its $SOL.
Furthermore, the uptick in NFT sales over the last month have contributed to Solana’s recovery. According to CryptoSlam, NFT sales volume is up 35% — a number that has many in the space whispering about the arrival of another NFT bull market.
However, despite Solana’s recovery, the lightning-fast eco-friendly network doesn’t look like it will be taking out Ethereum any time soon. Taking into account Ethereum’s Layer 2 networks, like Polygon, Ethereum has over 800,000 daily users — as per data from Terminal. And it too has seen major price movement in recent weeks, with ETH rising 30% in value over the past month.
Perhaps Solana doesn’t have to “kill” Ethereum to be successful, but can forge its own way in Web3 based on its security, efficiency, and speed. Of course, only time will tell what lies ahead for Solana, but the recent news is music to the ears of its fans and holders.
Persistence Pays Off for Solana
The drop of 96% in the price of $SOL that occurred between late 2021 and January 2022 was enough to make many believers in the blockchain throw in the towel. But not Solana. Instead, the L1 blockchain has been doing everything it can during the bear market to bring value to its community.
At Rarity Sniper, we’ve reported on several major developments, collaborations, NFT projects, and launches from Solana this year. Here are some of the top headlines:
- VISA Expands Cross-Border Settlement Program to Solana
- Melania Trump Unveils Independence Day NFTs on Solana
- Solana Unveils ChatGPT Plugin Integration
- Solana NFT Trading Marketplace Tensor Raises $3M
- Solana NFT DeGods Moves into Top 5 PFP Collections
- Solana Opens a Physical Store in Manhattan
We’ll have to wait to see if Solana can maintain its momentum, or if the news is just a momentary flash in the pan. But while people back in 2021 and 2022 were questioning if Solana was “dead,” that idea now seems like it couldn’t be further from reality.
At Rarity Sniper, we’ll be keeping our eye on Solana’s price and stay on the lookout for any more news from the exciting Layer 1 blockchain.