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Solana (SOL) Surges by 230% on a Year-to-Date Basis to Hit a New High

Solana was founded in 2017 as a completely open-source public blockchain, designed to provide decentralize finance (DeFi) solutions in a scalable manner.

Solana’s total transactions exceed 15 billion. Solana is capable of more than 1,000 transactions per second (TPS), which is about 60 times the current Ethereum network is capable of processing – about 15 TPS, according to data from Blockchair and Solana Beach.

The average block generation time of Solana is about 751 ms with a lower average transaction fee of $0.000005, which can handle transactions in most current scenarios, especially transactions in the DeFi field. With the rapid outbreak of the DeFi market, Solana, which has faster transaction speed and lower fees, has been favoured by many Defi users and institutional investors.

BKEX Global will list Solana (SOL) and the SOL/USDT aggregate trading pair at 15:00 UTC time, April 21, 2021.

The arrival of institutional investors has also contributed to the soaring price of Solana. Companies including Alameda Research, 3 Commas Capital, Raydium, One Block, and other companies have invested a total of $2 million to build the Step platform, allowing users to visualize, analyze, aggregate, and execute all transactions in Solana contracts.

Step Finance, the Solana ecological dashboard and asset management platform, has previously released an Alpha version. It will launch STEP tokens on the Solana network on April 24, 2021.

Solana (SOL) Price Analysis

Source: SOL/USD Daily via TradingView

Although the entire virtual currency market is in a downturn at the moment, Solana still maintains its own strong upward trend. Today, it broke through the previous high of $36.01 and once again set a new all-time high of $37.10.

So far, SOL’s rate of return is very impressive, rising by more than 230% from $1.52 to $36.34 since the beginning of 2021. At the time of writing, SOL/USD is trading at $36.34.

Although prices fell at the beginning of April, Solana has regained its upward momentum. SOL’s price has been particularly bullish, with the altcoin breaking through the previous consolidation phase.

The transaction price of SOL/USD is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

The stochastic Relative Strength Index reversed its direction towards the overbought zone, which suggests that SOL may open a faster upward channel. In the case of overall market weakness, Solana’s innovative high is likely to attract a large number of short-term speculators looking to earn a swing income. When Solana hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up.

It is very likely that Solana breaks through $45 in the short term.

Solana and ROK Capital launched a $20 Million Fund to Promote the Ecosystem Expansion in South Korea

The Solana Foundation cooperated with ROK Capital, a large-scale blockchain accelerator in South Korea, to jointly launch a $20 million fund to expand Solana’s blockchain ecosystem in South Korea.

Solana was founded in 2017 as a completely open-source public blockchain designed to provide decentralised finance (DeFi) solutions in a scalable manner.

The cooperation with Korean companies will help Solana expand its local influence. Some projects have received funding, including Mercurial Finance, Synthetify, Symmetry, and Parrot.

South Korea is one of the world’s largest cryptocurrency markets, and its cryptocurrency penetration rate is very high. According to statistics, a study shows 23.6% of South Korean college students are investing in cryptocurrencies.

Therefore, the fund believes that choosing South Korea as a base will effectively raise awareness from the public and increase the adoption rate of decentralised applications on the Solana ecosystem.

ROK Capital General Partner Brian Kang stated that:

“Solana is one of the fastest-growing networks in the industry, and in addition to injecting capital, this new fund will provide tailored services for projects to successfully accelerate in Korea.”

ROK Capital indicated that it hopes to guide a series of projects related to the Solana network’s basic Web3, decentralised finance (DeFi), and non-fungible token (NFT).

In addition, the fund is also supported by blockchain consulting firm FactBlock and Korean accelerator DeSpread.

According to Coinmarketcap, Solana’s native token SOL ranks as the 15th largest cryptocurrency, with a market capitalisation of $10,228,021,209. It has increased 25.02% during the last 7days. During the intraday, it was trading at $37.03.

Solana (SOL) Hits New AHT of $145, Displaces Dogecoin To Become the Seven-Largest Cryptocurrency

This week has started with a bullish trading performance of the cryptocurrency market, with Ethereum surges showing strong gains. Ethereum started the week with an impressive 22% gain and is likely to challenge the key $4,000 price level. Meanwhile, Bitcoin has started the week with a 1.71% gain and has reached $51,734.64 at the time of writing.

Other top altcoin performers include Solana (SOL) and Filecoin (FIL), which rose 46% and 60%, respectively.

It is a great week for Solana as it has risen among the top largest cryptocurrencies and is currently number 7 and 46% up in the last seven days.

SOL was trading at $1.7 per coin at the beginning of the year, but its price has climbed up by over 1,000% to trade at $145 per coin currently. Its price rose more than 200% in August – six days ago, Solana was trading at $100.24 per coin at the end of August.

The rally saw Solana enter the top ten cryptocurrencies in terms of market capitalization. At the time of writing, Solana is now the seventh-largest cryptocurrency in the world. Its rally saw it surpassed other cryptocurrencies like Polkadot, gaining the seventh position after overtaking Dogecoin and displacing Uniswap from the top ten cryptocurrencies.

When the price of a crypto asset increases so quickly, it is not easy to know whether that is their true value or whether the cryptocurrency is about to see a dramatic plunge. However, Solana sees growth because it is on-demand.

In recent weeks, Solana’s institutional demand has risen, partly contributed by the network’s entry into the NFT landscape. Solana recently launched Degenerate Ape Academy, which sold a collection of pictures of cartoon apes. Around 10,000 pictures of such NFTs were sold in the first 10 minutes after the launch, which drove the SOL coin higher as people demanded the cryptocurrency to purchase the cartoon apes.

The August rally of NFTs has also helped Solana to see an uptrend as the record sales during that rally hit around $900 million.

In recent months, Solana is attracting a wide range of decentralized finance (DeFi) projects, cutting out intermediaries and financial institutions and executing financial transactions over the blockchain. There are more than 400 projects built on Solana’s network, including various DeFi projects that take the middlemen, such as banks, out of financial transactions.

Lastly, Solana is gaining momentum because people are looking for alternatives to Ethereum. Solana is considered the “Ethereum killer,” just like Cardon and Polkadot, because of its increasing popularity.

Solana Network Resume Operation after Long Hours Shutdown

The Solana network is back online after long hours of outage.

The restart process was a laborious task that took several hours to stabilise the network proved unworkable. Eventually, a restart patch was released to validators that worked, and as a result, a successful reactivation happened in the early hours of Wednesday, September 15.

However, the return to normal service operations was not immediate, as the Solana Foundation announced: “The Solana validator community successfully completed a restart of Mainnet Beta after an upgrade to 1.6.25. Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored.”

Solana blockchain crashed on Tuesday, September 14, an incident caused by a surge in activity on the network. The firm stated ”intermittent instability” had disrupted some of its services during that day after Solana’s transaction load peaked at 400,000 transactions per second.

Solana’s team stated that such transactions flooded the transaction processing queue, and the lack of prioritisation of network-critical messaging caused the network to begin forking. The flocking incident happened after transactions flooded in and caused the Solana blockchain network split and the software of different miners or validators to unaligned.

Transactions peaked on Tuesday and caused excessive memory consumption, and prompted network nodes to go offline.

Solana was not the only network that witnessed a shutdown on Tuesday. Ethereum’s L2 scaling solution – Arbitrum, also experienced an outage, but such networks have proven their capabilities as they have garnered positive traction once again.

The recent network shutdown adversely affected the price of SOL, the network’s native token, plunging its value to a low of $145 per coin, down almost 13% on Tuesday. But later, Solana cryptocurrency managed to recover some of its value to trade at around $160.2 at 05:45 ET on Wednesday, according to CoinMarketCap. Last week, SOL climbed to an all-time high of above $200, despite a massive sell-off on the broader cryptocurrency market.

Solana Elbows Tether to 4th Position amid NFT Secondary Sales Clocking $500M

Days after flipping Cardano (ADA) to become the fifth top cryptocurrency, Solana (SOL) is not relenting in its quest to scale the heights because it has dethroned Tether (USDT) at the fourth position.

Despite Solana being founded in 2017, it has made significant strides this quarter because it recently hit an all-time high (ATH) price of $249. The fourth cryptocurrency was up by 1.57% in the last 24 hours to reach $242 with a market capitalization of $73.02 billion.

What is making the “Ethereum killer” tick?

Just like Cardano and Polkadot, Solana is considered an “Ethereum killer” because of its increased popularity based on high speeds, low fees, and minimal congestion.

These networks are decentralized and can interact with smart contracts, used in the booming non-fungible token (NFT) and decentralized finance (DeFi) markets.

Solana is able to attain high transaction speeds because it merges the proof of stake (POS) consensus mechanism with the proof of history, which enables computers to keep time on a decentralized network without all of them communicating about it.

Therefore, Solana is a completely open-source public blockchain designed to offer DeFi and NFT solutions in a scalable manner.

Solana’s NFT secondary sales hit $500 million

According to Mason Nystrom, a research analyst at Messari Crypto said:

“As the Solana ecosystem continues to expand, NFTs on Solana have seen formidable growth. Total NFT secondary sales volume on Solana has officially reached $500 million, doing so in just three months.”

NFTs are blockchain-based ownership digital assets, and their value is pegged on their uniqueness, given that the tokens are non-divisible and have to be bought in their entirety.

Therefore, these traits create intrinsic value for NFTs because of their limited supply.

Last month, the leading Italian luxury fashion house Dolce & Gabbana bagged $6 million from fashion NFT dubbed Collezione Genesi.

With Solana having gained 15,000% so far this year, it seems the sky’s the limit for the fourth-largest cryptocurrency.

Solana Joins BTC, ETH on Bloomberg Terminal

Solana (SOL) becomes the third cryptocurrency, after Bitcoin and Ethereum, to be added on Bloomberg terminals as a standalone price tracker was developed by the media giant and Galaxy Digital.

American digital currency service provider Galaxy Digital’s European head, Tim Grant, said that Bloomberg Terminal’s price tracker “Bloomberg Galaxy Solana Index” will allow people to start tracking Solana on its terminal, as it went live on November 16 across Bloomberg terminals globally. The index will become the first institutional-level pricing index.

Since the two companies began their collaboration in 2018, they have successfully issued five total crypto indexes.

Solana has surged over 11,700% in the past 12 months and is considered by many as the “Ethereum killer” because of its increased popularity based on high speeds, low fees, and minimal congestion, further supporting a belief that someday it will overtake Ethereum as the go-to for smart contracts.

Apart from its market performance, investors are also interested in Solana due to its capability to perform more than 1,000 transactions per second (TPS), which is about 60 times more than the current Ethereum network is capable of processing – about 15 TPS, according to data from Blockchair and Solana Beach.

According to Coinmarketcap data, Solana has surpassed Cardano (ADA) to become the fourth-largest cryptocurrency by market value with a market cap of $68,700,460,002.

Recently, Solana’s institutional demand has risen, partly contributed by the network’s entry into the NFT landscape. According to CoinGeko, Solana is currently trading at $226.37.

Solana Takes the Helm as the Most Staked Crypto, Cardano Goes Second

The neck-to-neck battle among Solana (SOL), Cardano (ADA), Ethereum (ETH), and Polkadot (DOT) continues because they have gained the upper hand in different crypto areas like decentralized finance (DeFi), non-fungible tokens (NFTs), and staking.

Even if Ethereum takes the lion’s share in DeFi, Solana is the victor when it comes to staking with a value of $78.49 billion, according to crypto insight provider Staking Rewards.

Cardano comes second with $42.92 billion, representing 70.67% of the total value.

Ethereum 2.0 and Polkadot wrap-up the top four staked cryptocurrencies with $33.9 billion and $23.68 billion, respectively.

Staking entails locking up crypto assets for a certain period of time to assist a blockchain network in functions like the confirmation of transactions. In return, investors earn interest or rewards.

This investment strategy is available in cryptocurrencies using the proof-of-stake (POS) consensus mechanism, deemed more cost-effective and energy-efficient.

Ethereum 2.0 is a deposit contract that intends to transit the current proof-of-work (POW) framework to a POS model.

Meanwhile, Solana has been experiencing overwhelming institutional interest, which played an instrumental role in its listing on Bloomberg’s crypto terminal, after Bitcoin and Ethereum.

Solana is one of the sought-after networks in the Defi and NFT industries because of its relatively lower fees and high speeds because it merges the proof-of-history with the proof-of-Stake.

For instance, Solana can perform more than 1,000 transactions per second (TPS), which is about 60 times more than the current Ethereum network’s capability of about 15 TPS, according to data from Blockchair and Solana Beach.

As a result, its NFT secondary sales recently reached $500 million in just three months. Therefore, Solana continues to stamp its authority in the crypto space, given that it has surged by at least 15,000% on a year-to-date basis.

Ex-US President’s Wife Melania Trump Releases Her First NFT, Price at 1 SOL

Former US President Donald Trump’s wife Melania Trump released her first NFT token which will run on the Solana blockchain.

It is reported that the NFT will trade with the native token SOL of the Solana blockchain from December 16 to December 31 at a price of 1 SOL.

According to Coinmarketcap, currently SOL token is trading for $178.81 at press time.

Melania Trump’s NFT is called Melania’s Vision, an NFT dominated by watercolour art.

According to an official statement from Melania Trump’s Twitter account :

“It embodies Mrs. Trump’s cobalt blue eyes, providing the collector with an amulet to inspire.”

Melania Trump said on Twitter that she was very excited about this adventure, and hoped that her passion for art could help American children pursue their dreams and provide them with computer science skills, including programming and education in software development so that they can thrive later on in life.

According to the statement, her NFT will be supported by the Solana blockchain network which will also accept credit card payments through the MoonPay platform.

But according to a Bloomberg report, the encryption startup stated in an email that “it is impossible to use MoonPay to make credit card payments to purchase Melania Trump’s NFT collection.”

Melania Trump is among many celebrities who have recently joined the wave of irreplaceable tokens.

Earlier, South Korea-based Hybe Co- one of South Korea’s top K-pop management agencies planned to expand its marketplace for non-fungible tokens (NFTs) by collaborating with celebrities not managed by the company.

Hybe’s artists include the current K-pop trend BTS group.

As reported by Blockchain.News on November 30, Hip-hop legend Snoop Dogg’s first NFT collaboration with digital multimedia artist Coldie was minted on SuperRare.

Binance US Faces SEC Accusations Over Alleged Securities Trading Violations

The Securities and Exchange Commission (SEC) has leveled a series of accusations against the US operations of cryptocurrency exchange Binance, casting a significant cloud over the future of the platform in the United States.

In a formal complaint, the SEC claimed that Binance US facilitated trading in a range of tokens identified as securities without the requisite permissions. The assets in question include Binance Coin (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity Shards (AXS), and Coti (COTI).

The SEC’s allegations also extend to investment schemes run by the platform. Binance’s BNB Vault and Simple Earn programs, as well as a staking investment plan, are accused of having operated outside of US regulatory oversight.

The accusations seem to point to a fundamental charge of intentional evasion of US supervision by Binance, a claim that could carry significant implications for the cryptocurrency exchange’s operations within the country.

However, it is important to clarify the nature of these charges. The allegations brought forth by the SEC, as well as those by the Commodity Futures Trading Commission (CFTC), against Binance are civil, not criminal in nature. This marks a distinction from the money laundering charges faced by other exchanges such as BitMEX in previous cases.

The fallout from the accusations is yet to be fully realized, but this could mark a pivotal moment in the ongoing tug-of-war between cryptocurrency exchanges and regulatory bodies. As Binance contends with these accusations, the crypto industry will no doubt be watching closely, aware that the outcome could have far-reaching implications for the future of digital asset trading in the United States.

SEC Lawsuits Target Multiple Tokens: DCG Founder Points Out Absence of PoW Cryptos

In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.

Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.

The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.

This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.