- Solana price surges, breaks into top 6 cryptocrrencies.
- Solana market cap now more than XRP’s.
- High DeFi investment on SOL platform, reason for price surge.
Amidst a sell-off in the crypto market, SOL has shown more promises as Solana price added another 20 percent gains smashing past $200 and hitting a new all-time high.
The recent sell-off saw the crypto market lose as much as 15 percent of its entire market cap. However, SOL was not part of the coins despite major altcoins bleeding off.
At the time of writing these lines, Solana trades at $212 with a market cap of $61 billion. Solana’s price surge and growth has seen it become the sixth-largest cryptocurrency toppling Ripple’s XRP for the very first time. It won’t be a surprise at all if Solana makes its way into the top-five crypto list by the end of this week.
The Solana price has been on a surge since August. In less than one month, SOL has gained more than 350 percent making its way into the list of top 10 cryptos.
Reportedly, SOL has been the best performer among the top 10 cryptocurrencies over the week. Its valuation has surged by over 60 percent.
The surge in the past seven days made it easy for SOL to take over XRP in the crypto ranking days after SOL just flipped Dogecoin to be number 7. It is now number 6.
Solana price surge, indication DeFi players are high on platform
It shows that per the last month, Solana blockchain has added more than $6 billion in TVL. It means that DeFi investors are high on the Solana platform as analysts are beginning to compare the platform with Ethereum.
From technical indicators, Solana’s price is outperforming all expectations. Its rise is almost parabolic and with increasingly larger weekly candlesticks since the beginning of August.