- Solana price has rallied more than 300% in the month of August alone.
- SOL’s market cap has crossed the $40 billion mark ousting Dogecoin from the seventh position among the largest cryptos by market capitalisation.
- The ‘Ethereum killer’ is riding on the popularity of non-fungible tokens such as Kaiju Cards and Degenerate Apes.
- Solana is now consolidating under $150 after recording an a new all-time high at $151.
Solana price has rallied 366% over the last month from around $31.28 on August 01 to set a new all-time high above $150 on September 04. SOL’s market cap has increased by over 333% over the same period from $9,339,020,651 to cross the $40 billion marl to $40,517,769,039. Solana’s current market cap stands at $42,332,144,834. Out of the $2.3 trillion total value of the cryptocurrency economy, Solana’s market capitalization represents 1.73%, with respect to market dominance. As such, Solana ousted Dogecoin (DOGE) to take the seventh-largest position last week as its market valuation continues to grow. As such, Solana remains a candidate among the next cryptocurrencies to explode this year.
It is expected that the smart contract crypto will continue to set record highs fueled by non-fungible tokens (NFTs) projects like Kaiju Cards and Degenerate Apes.
NFTs Have Sustained Solana’s Buyer Appetite
Solana is known as ‘Ethereum Killer’ as it is a blockchain network alternative to the Ethereum platform offering improved scalability with reduced processing times and relatively low transaction fees. With 2021 having been termed the ‘year of NFTS’ the on-going SOL price rally has been bolstered by a number of NFT projects launched on the Solana blockchain, the altcoin has moved to #7 on the top 10 largest crypto currencies by market cap.
Kaiju Cards and Bold Badger have emerged as some of the most significant NFT projects that have contributed to SOL’s bullish momentum. These two popular projects were launched for sale on Solanart, Solana’s NFT marketplace, on August 19. In addition , since the launch of Degenerate Ape Academy, a prominent NFT project on Solanart on August 15, Solana’s price has tripled. The Degenerate Ape Academy project tested Solana blockchain network’s scalability when 10,000 Apes were sold out in less than 10 minutes on the day of the launch.
These projects has seen an increase in on-chain activity characterised by increased transaction volume on the Solana blockchain network and bolstered a stretched price rally with a parallel increased in SOL demand. Approximately $100 million worth of SOL had been traded on the Solanart NFT market place by the end of August 2021.
Other Ethereum competitors such as Cardano’s ADA, Polkadot’s DOT and Terra’s LUNA have gained alongside SOL in the recent rally. However, Solana has come out as the highest gainers, successfully tested scalability and security concerns with back-to-back launch of NFTs on its platform.
- Do you wish to trade Solana using robot? Read our crypto robots guide to get started.
Solana Price Takes A Breather Under $150
At the time of writing, Solana is trading at $145.03 and appears to be battling immediate resistance from the $150 psychological level. SOL price has been rejected from this level since Friday September 03 perhaps due to profit taking. However, this consolidation may be giving the bulls sometime to regroup and focus on taking Solana to discover new record highs.
Solana will need to close the day above the $150 resistance zone to continue the bullish rally. This bullish outlook is validated by the upsloping moving averages, the positive parabolic SAR and the position of the Relative Strength Index (RSI) in overbought region and the position of the MACD above the zero line in the positive region showing that the bulls are in control of Solana.
SOL/USD Daily Chart
On the flipside, if Solana fails to rise above $150 and closes the day below the recently established support at $138, SOL will drop to re-test the $127 or $108 respectively.
Meanwhile the sideways price action may continue in the near term. This is accentuated by the horizontal movement of the RSI indicating that the bulls and bears are cancelling out.
Where To Buy SOL Now?
If you want to purchase Solana, you can do so on the following exchanges:
- eToro
is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions. - Binance
The other platform where you can buy COMP is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features. - Kraken Kraken charges transaction fees as low as 0.20% with free bank transfers. It offers a wide range of cryptocurrencies such as Aave, Algorand, Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Litecoin, Solana and others. You can transact on Kraken using such payment methods as Debit/Credit Cards, Cryptocurrencies and direct bank transfers.
Looking to buy or trade Solana now? Invest at eToro!
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Nancy Lubale
