Even in the face of a major sell-off in the cryptocurrency market on Tuesday, Solana (SOL) is on its way to the moon and refuses to descend. The price of SOL surged to a new all-time high two days later.
During the last 48 hours, the SOL / USD pair avoided a big retracement and touched USD 217 for the first time in history.
The pair’s ability to maintain downward pressure highlighted investors’ rising interest in Solana’s blockchain as a potential Ethereum competitor.
Solana, for example, orchestrated the August 15 debut of NFT Degenerate Ape Academy, which contained a collection of 10,000 cartoon apes. They sold out in less than eight minutes and cost 96,000 SOLs ($5.9 million).
Solana’s journey into the NFT arena began this week with the launch of an FTX-backed digital collectibles marketplace. Its new initiative, NFT, will allow NFT artists and owners to cross-chain digital arts using Solana and Ethereum, according to FTX, a crypto derivatives platform.
SOL Price Roars while the Market Dips!
After a surprise sale on Tuesday, the cryptocurrency market lost more than $ 200 billion in value. Bitcoin (BTC), saw its price drop from more than USD 52,000 to over USD 42,000 in minutes, owing to extended cascade liquidations, according to analysts.
Altcoins, plummeted in lockstep with Bitcoin, with the second largest, Ether (ETH), plunging as much as 23.41 percent and its runner-up, another smart contract rival, Cardano (ADA), falling as much as 30.89 percent.
In the Red Sea, however, Solana was an outlier. While the SOL / USD fluctuated wildly between gains and losses, it ended the day 5.45 percent higher and continued to move in the favourable direction in the following sessions.
After bottoming out at $ 21.96 on July 20, the pair has gained about 890 percent. According to data released by SolanaProject.com, the total value locked in Solana-based DeFi projects has surpassed $ 7.81 billion.