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On its own, the Solana blockchain has proven to be a formidable competitor for the main blockchains in the sector.
Anyone who has been following the charts recently will have seen that Solana (SOL) has been on a strong upswing.
The digital asset had risen from its recent lows of about $88 to once again go beyond the $100 barrier. While this is a positive trend for the market, particularly for Solana investors, we examine the variables that have contributed to this upward tendency.
This expansion is massive
It quickly rose in value to become one of the top cryptocurrencies by market cap after storming the decentralized finance (DeFi) field. This expansion has been massive, but it hasn’t been without its drawbacks.
In recent days, though, Solana has begun to break free from his stalemate. The network’s growth and utility have been the key drivers of its high value, and this is still the case.
Recent projects
Krafton, the creator of the wildly popular PUBG series, recently announced that it had partnered with Solana to develop blockchain and NFT games, which shook the industry. This gaming studio intends to create blockchain-based games that will all be hosted on Solana.
As part of the deal reached by both parties, Krafton, based in South Korea, obtained formal rights from the network to produce these games. Bringing together the participatory element of Krafton games with the speed and simplicity of blockchain technology.
Why Solana’s prices are rising
Solana’s pricing reacted swiftly as the news of the alliance became public. In the next several hours, the digital asset broke out of the upper $80s and crossed the $103 mark. This bounce would last until Friday when the cryptocurrency’s price reached a high of $104 before plummeting.
Nonetheless, Solana has benefited from the surge. The digital asset is now trading above the 50-day moving average, signaling a shift in attitude toward the smart contract platform.
After a brief dip, SOL is still trading at a little over $98 at the time of writing. Indicators for cryptocurrency are bullish in the immediate term.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
