The entire virtual currency market might be experiencing a significant drop at the moment, but Solana (SOL) has sustained its own upward momentum.
Just recently, it shattered its previous high of just above $36 to set an all-time high of $37.10, for an impressive rate of return at more than 230%. From $1.52, it has climbed to more than $36 since the start of the year.
At the start of the month, Solana, as seen its price fall, has since regained its upward trend. SOL’s price practically has been bullish as the altcoin broke through its previous consolidation phase.
Now, it is experiencing a surge it has never seen before.
The power of Solana
In 2017, Solana was founded as a pure open-source, public blockchain aimed at providing scalable Decentralized Finance (DeFi) solutions.
Data from Blockchair and Solana Beach show SOL’s total transactions exceed 15 billion. It is capable of more than 1,000 transactions per second (TPS), 60 times greater than the current Ethereum network’s capacity.
The average block generation time of Solana is around 751-ms and can handle transactions in current scenarios, especially those in the DeFi field. Its fee is also very minimal, set at a measly $0.000005.
Institutional investors power Solana
The soaring price of Solana (SOL) can also be attributed to the arrival of many institutional investors that have contributed big to the asset’s growth.
Alameda Research, 3 Commas Capital, Raydium, One Block, and other companies have combined to invest $2 million for building the Step platform. This enables users to visualize, analyze, aggregate, and execute all Solana contract transactions.
Step Finance, which is Solana’s ecological dashboard and asset management platform, recently released an Alpha version. STEP tokens will be launched on the Solana network by the platform on April 24, 2021.
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