- Support from Lido Staking Protocol
- Market Position of Solana (SOL)
In 2021, where most of the crypto market witnessed an increase in their prices, Solana was booming with a firework display. The ten most valuable cryptocurrencies in terms of market capitalization recorded a gain of 3.8 to 8.37 percent. But of all, the most growth was recorded by Solana.
The upward journey of Solana in 2021 is noteworthy. With the continuous increase in prices of Solana, the Ethereum competitor quickly moved up in the top 10 ranking of the cryptocurrency. Solana was able to surpass “Bank coin” Ripple, and Cardano to acquire the fifth spot on the list.
Support from Lido Staking Protocol
The increase in the prices of Solana is mainly due to a series of events that led to new outbreaks. In mid-August, the prices of Solana increased by 40 percent when “Degenerate Apes Academy” was launched. It was a collection of digital maps, similar to CryptoKitties, which could be created by users themselves for 6 SOL. Also, the DeFi ecosystem in the Solana ecosystem has garnered a lot of attention and investment from investors all around the world.
Apart from this, the staking protocol Lido Finance has allowed its users to stake Solana.
Solana was founded by Anatoly Yakovenko in 2017. It is based on blockchain technology and was developed as an answer to the problems faced by Bitcoin and Ethereum Blockchain.
The consensus mechanism used by the Solana blockchain is proof of history consensus. This technology allows the creation of records, which can be used for tracking historical events. SOL is the native token of the Solana network.
Market Position of Solana (SOL)
Lately, Solana has created a lot of buzz in the crypto market. This is mainly due to the excellent results that this crypto has provided in the last few months. This is also the reason that Solana was able to acquire a position among the top 10 cryptocurrencies and was also able to maintain it.
Solana has a market capitalization of $51,952,532,720, with 24 hour trading volume of $1,423,506,930.44. At present Solana was trading at $168 and is ranked 5th in terms of market capitalization. It is inevitable, that with this market position, investors from all around the world, will be attracted to invest in Solana.
In 2022, Solana is expected to reach new heights.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
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