With Bitcoin and Ethereum consolidating, most didn’t expect the market’s alts to recover. Solana turned out to be one of the exceptions, however, with crypto traders being surprised with their rallies lately. In fact, the scale of its rally was so great that Solana outperformed Polkadot and Uniswap as the industry’s eighth largest crypto by market cap.
With a market value gain of over 330% in the past forty days, Solana also hit a new ATH in the charts. Following strong demand from private and institutional investors, SOL has a market capitalization of more than $ 28 billion. Amid it all, SOL-related mentions on social networks have also skyrocketed.
High trade euphoria
According to Santiment, mentions of SOL on social networks recently exceeded 32 million. In addition, Solana’s weighted social sentiment hit a new all-time high in positivity.
Price aside, the recent announcement of the Solana Foundation’s delegation program may also have played an important role in the heightened social sentiment.
Source: Sanbase
Solana’s constant ecosystem-driven developments have undoubtedly played a large role in the wealth rally. For example, the Solana Foundation’s delegation program was launched with the aim of maximizing both the total number of high-quality validators in the network and the distribution of shares across these nodes.
In fact, according to the foundation’s tweet, this would fuel the growth and security of the Solana network.
3 / Over 320 new validators have gone online since June 2021, reflecting the exploding interest in all levels of the #Solana ecosystem. pic.twitter.com/ByWHFuLZOS
– Solana Foundation (@SolanaFndn) August 27, 2021
Exploding interest in the network
The SOL network has grown massively since June 2021. Over 320 new validators have gone online, an increase that reflects the exploding interest at all levels of the ecosystem. Plus another report revealed how Solana saw a surge in demand from institutional investors following the recent price hike.
The report highlighted
“Solana, a competitor to Ethereum that offers flexible infrastructure and faster transaction processing, had the largest inflows of any digital asset of $ 7.1 million last week.”
In fact, the tributaries at Solana were higher than at Polkadot, XRP, and even Cardano. What does that mean?
Well, that means SOL has seen strong interest from institutions in a very short time. While this is usually a good thing, it has been known that alts prices tend to migrate south when social awareness is high. Ergo, what will develop for the Altcoin, which is ranked 8th, is now only a matter of time.
