The price of Solana (SOL), the native cryptocurrency of the high-performance proof of stake blockchain, rocketed to a new all-time high of $232.65 on Wednesday, November 3rd.
In just one day, Solana’s market value jumped by $7.44 billion, from $61.21 billion to $68.65 billion. This abrupt surge in institutional demand for cryptocurrency makes logical, given that it occurs in the fourth quarter of 2021, when cryptocurrency markets normally experience a significant uptick.
People looking for Ethereum alternatives is one of the major drivers of Solana’s growth. Although Ethereum is the world’s second largest cryptocurrency, was the first to implement smart contracts, and has the first mover advantage, Solana has gained a significant amount of market share since its inception in 2017.
To boost performance and scalability, Solana employs a combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus techniques. As a result, the network claims to be capable of 50,000 transactions per second (TPS), making it the world’s fastest blockchain.
There are over 350 initiatives inSolana’s ecosystem, These include decentralized finance (DeFi) apps that provide free financial services without the need for an intermediary, non-fungible token (NFT) initiatives, gaming apps, and a variety of others.
For the past two months, the price of solana has been stabilizing under the $216 resistance level. SOL has formed two rounded bottoms throughout this time, and after breaking through this level, it appears to be on the verge of price discovery.