Assessing Solana’s ‘historic run-up’ past $100

Reaching a three-digit price wasn’t the only reason to rejoice for the Solana community. Its NFT marketplace, Solanart also recorded a milestone of one million SOL in volume. This amounted to more than $100 million traded on Solanart.

Solana’s growth was boosted by its active presence in not just the dapp scene, but also the NFT and DeFi spheres.

Degenerate Ape Academy, an NFT art project on the Solana blockchain featuring whimsical gorillas, helped spur the alt coin’s popularity (and revenue). In DeFi news, Solana announced that more than 100 teams were integrating the on-chain data network PythNetwork.

However, Solana also attracted interest from more traditional organizations. In August 2021, digital asset investment firm Osprey Funds submitted a form to the U.S Securities and Exchange Commission (SEC) to apply for an Osprey Solana Trust. Even Grayscale Investments has expressed its interest.

Yet, positive commentary and market greed usually trigger a fall in prices. Due to this, more experienced Solana traders might be watching these same developments with caution. For now, the alt coin enjoys its rally.

It is tough to narrow down Solana’s meteoric rise to just two or three factors. The platform’s popularity with both crypto artists and traditional investment firms offers an interesting suggestion: that alt coins hoping to climb the rankings could perhaps increase their presence in both crypto and non-crypto spaces instead of gunning to be the next “Ethereum killer.”

Source:ambcrypto.com