That is why Solana’s cryptocurrency is skyrocketing right now – Motley Idiot

What happened

the Solana (CRYPTO: SOL) Cryptocurrency will soar again on Friday. The token, named SOL, has risen about 12.6% in the past 24 hours and has hit a record high for its price in today’s trading.

The price of cryptocurrency has risen rapidly given the growing interest in decentralized financial applications and non-fungible tokens. With its blockchain network that can support smart contracts, application development and fast transaction times, Solana has become a top competitor of. developed ether (CRYPTO: ETH). SOL is now trading at around $ 140.50 per token.

The sun and a rocket above the clouds.

Image source: Getty Images.

so what

The token is up around 276.5% in the last month. Price momentum drove Solana’s market cap to around $ 41.2 billion, and recently surpassed it Dogecoin to become the seventh largest cryptocurrency by market capitalization.

There have been strong upward trends for the broader cryptocurrency market in the past 30 days of trading, and Solana’s SOL was the top performing token among the top 10 largest cryptocurrencies. The price per token for CardanoADA’s ADA rose roughly 126% over the entire route while Bitcoin and Ethereum’s ethers are up about 23.5% and 48.5%, respectively.

What now

Even top cryptocurrencies are prone to huge fluctuations in price, and it is difficult to plan future Solana price promotions with a high level of confidence. The stellar gains for SOL could set the stage for a significant withdrawal, but it’s also possible it could gain further ground if the underlying network and currency continue to attract the attention of developers and crypto enthusiasts.

Investors should move forward with the understanding that most cryptocurrencies are still high risk and rewarding games. Solana’s focus on project development (like cryptocurrency exchanges and NFT platforms) suggests that, on a fundamentally basis, his token could be more solid than many other tokens that only function as digital currencies and are not tied to development and application networks. But it could still be prone to volatile fluctuations in the short term.

This article represents the opinion of the author who may disagree with the “official” referral position of a premium advisory service from the Motley Fool. We are colorful! Questioning an investment thesis – even one of our own – helps us all think critically about investing and make decisions that will help us get smarter, happier, and richer.


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