Interest in DeFi and NFT has skyrocketed over the last year, and even managed to attract institutional attention. So much so, in fact, that Solana’s recent entry into the NFT market gave its native token, Solana (SOL / USD), the boost it needed to break into the top 10 cryptocurrency list.
After rising 36% last week, SOL now ranks as the eighth largest cryptocurrency in the world. His advancement to the higher ranks even allowed him to bring Uniswap’s UNI to 11th place, right after Polkadot’s DOT / USD, which is currently in 10th place.
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For SOL to continue to progress, its market capitalization would have to increase by an additional $ 8 billion, as it currently stands at $ 29.1 billion, and DOGE is still in the lead with $ 37 billion. As for the price of the coin, it is currently at $ 99.98, having recently dropped from $ 101.44, indicating that the resistance at $ 100 is still quite strong.
SOL emerges alongside other Ethereum alternatives
According to Amber Group, a well-known crypto financial services company, institutional demand for SOL has exploded in recent weeks. Due to the surge in interest, Osprey Funds recently registered the Osprey Solana Trust with the US SEC, so those wealthy investors would have an easy way to reach the token.
Amber Group also noted that SOL is not alone as Ethereum (ETH / USD) alternatives have been on the rise lately. Aside from Solana itself, Cosmos (ATOM / USD), Avalanche, and Luna all saw large amounts of money flowing into them, and their tokens rallied more than 80% against ETH over the past month.
In his recent essay, called Solana Summer, Packy McCormick noted that people started buying SOL, experiencing its speed and low transaction costs, and they just got more optimistic, wanting more. However, the real boom comes from NFTs. Solana is a good place to access NFT and DeFi projects, which are receiving increasing interest. With that in mind, there are now forecasts stating that SOL could rise to $ 145, and that NFTs will be the key to reaching these heights.
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