Solana (SOL) has continued its bullish run and on Friday it has reached another all-time high by Friday. Over the last seven days, the digital currency has registered weekly gains of over 70% and overtakes Dogecoin (DOGE) to become the seventh-largest cryptocurrency by market capitalization. As of the time of writing this SOL is trading at $141.09.
The price has pulled back slightly from the all-time high it touched in the previous session, there have been some key development that is supporting the bullish momentum. The digital asset could reach new all-time highs in the coming sessions. One of the biggest reasons for the gains in Solana has been the stellar rise of Defi projects.
According to numbers from Defi Llama, in a span of just one month, the TVL of Defi protocols on its network has risen by three times, from around $1.2 billion at the beginning of August to over 3.8 billion right now.
Solana’s (SOL) bullish moves are also enjoying support from news of music streaming platform Audius launching its NFT integration on the blockchain after its collectibles generated transactions worth $60 million over the last week alone.
The integration gives Solana’s high-speed network and low transaction fees to than six million users of Audius, driving up activities on the blockchain and sending the value of SOL higher as a result.
The potential Ethereum killer has gained a clear advantage over the current leading Defi platform especially as its transitions from PoW to PoS are taking longer to accomplish. This has made Ethereum’s blockchain more inefficient, with users reporting network congestion issues and high gas fees, driving Defi protocols to other alternatives.
Solana is energy efficient, conducts fast transactions at a fraction of the cost, and is more scalable. You can add more users without compromising the quality of service and this is one of the biggest reasons why users are navigating to the digital asset.
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