While most people keep an eye on the top cryptocurrencies by market cap, Solana’s value is skyrocketing. The price per SOL has surpassed $120 with relative ease, making people wonder how high it can go. Several industry developments confirm the Solana price run-up may not be over just yet.
Solana Price Explodes
Thanks to some interesting market momentum, the Solana price is much higher today than it was a few weeks ago. A weekly increase of 57.5% is impressive, although the monthly gain of 228.3% is what most people want to keep an eye on. SOL has always been an actively traded asset capable of noting decent price momentum. So even though the market is taking a breather right now – which is usually healthy – it seems unlikely this bull run will end soon.
During the past week, it seemed as if Solana was decoupling from Bitcoin. The world’s leading cryptocurrency faces a lot of resistance, yet SOL managed to spike upward without any significant issues. However, Bitcoin dipped today, and SOL went deep into the red right away. Decoupling permanently from Bitcoin is incredibly difficult, as traders’ mindsets will not always align. Even so, the market is still in a good place.
NFT Excitement Keeps Building
Similar to other popular blockchains, Solana is building its NFT ecosystem. The Solsea open marketplace will go live in a few days from now. A marketplace will often bring a lot of attention to existing and future NFTs. However, it will also introduce a bunch of speculators to Solana NFTs, which can have interesting consequences. That may affect the Solana price too, either for better or worse.
Additionally, Ratwell currently holds an auction for an NFT on the Solana blockchain. Ratwell is a well-known name in the world of digital art and non-fungible tokens. Having such an artist explore this blockchain is a big step forward and can lend more credibility to future NFT-related efforts in this ecosystem.
The Ignition Hackathon
In the technology world, hackathons are a great way to explore new ideas and concepts. Teams of developers join forces to create new solutions using existing technology. For Solana, the global virtual Ignition hackathon is one such event. There is up to $5 million in prizes and seed funding to be earned, creating ample incentive for coders to come up with creative ideas.
The hackathon is divided into several categories for projects to be developed. The focus rests on decentralized finance, Web3, gaming, and arts & collectibles. These aspects show that Solana is a powerful blockchain that can serve many different use cases now and in the future. The biggest “winner prize” is for the DeFi category, as that remains the key segment in the cryptocurrency industry today.
Staking Remains Lucrative
SOL remains a viable option as one of the many crypto assets users can stake for passive income. Especially with the Solana price at this level, earning an APY of 7.5% through Phantom Wallet sounds more than decent. However, there are a few other solutions for users to explore, some of which may be riskier than others. Always do your own research before making any financial commitments for SOL staking.
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