Solana’s Price has Exploded, Showing Signs of Institutional Investors

Solana’s price has exploded – it’s up 2,400% on the year and 180% at the time of this writing.

Solana’s Price has Exploded, Showing Signs of Institutional Investors
Photo by Adeolu Eletu / Unsplash

Solana (SOL), an incredibly fast (50,000 transactions/sec) and inexpensive ($0.00025/transaction) competitor of Ethereum, has made substantial headway recently. It’s been a huge year for Solana, which can be summarized by its past month: in the past 30 days, SOL has risen by 216%, up from $25.94 to a high of $82.04. In the past week alone, SOL increased 68%.

Many market participants are pointing to institutional interest as an explanation for the rapid price increase, this is largely because the trading patterns are consistent with algorithmic trading that many firms use. In addition to money flowing directly into Solana, projects built on the coin have seen an influx of sizable amounts of capital. For example, Mango Markets, a decentralized exchange, raised $70m last week in a token sale.

Advocates of Solana say the speed of the network allows for many niche uses in DeFi that aren’t possible in slower networks.

Takeaway: Solana’s price has exploded – it’s up 2,400% on the year and 180% at the time of this writing.