Solana[1] has grown by a lot of late, both as an asset and as a blockchain. The network created ripples in the DeFi space when it entered the NFT market and continues to bring considerable inflows.
However, its next big thing is on the way, coming in the next 6 days. And, if it works as per expectations, it could trigger more ripples in the crypto-space.
Solana marks a new all-time high
Yesterday, after a week-long rally of 34.5%, Solana registered a new ATH. In fact, during yesterday’s trading, it went on to cross the $220-mark.
However, despite the fact that new highs have been registered on the charts, the same may have proven to be even more conclusive than is evident. Especially since at press time, there seemed to be some signs of reversal from here onwards.
Solana’s price action | Source: TradingView – AMBCrypto[2]
What’s more, thanks to the aforementioned price hike, SOL surpassed XRP in terms of market capitalization. In fact, it is currently the sixth-largest cryptocurrency in the world.
The last 3 months of Solana’s bullishness have led to the asset now holding 2.38% dominance in the crypto-market. Less than a month ago, this figure was just 0.49%, lower than the figures recorded by alts like DOGE too.
Solana’s dominance | Source: TradingView – AMBCrypto[3]
However, bullishness aside, at the time of this report, the altcoin had entered price discovery phase. With SOL now definitely overbought on the charts, maybe, we could finally see some price stabilization.
Alas, that is not what the focus is on right now.
Solana’s next big thing?
Yesterday, it was revealed[4] that Solana will be getting its first audited Automated Market Maker protocol and
