The price of the cryptocurrency Solana (SOL) reached and surpassed its all-time high of $216 last September.
This performance confirms Solana as one of the cryptocurrencies with the most attractive growth rates in the medium to long term.
The price of Solana (SOL) could grow more than BTC and ETH
A prominent trader and influencer known by the pseudonym Smart Contracter stated four days ago on Twitter that the price of Solana could soon outperform both the price of Ethereum and Bitcoin. Its target price is now $900, an appreciation of over 360% compared to SOL’s current value.
— Bluntz (@SmartContracter) October 20, 2021
The renowned trader bases these analyses on the well-known financial theory of Elliott waves:
“SOL is leading the market and looks to have completed its macro 4th wave as a triangle. This implies we have begun the final fifth wave of SOL’s first macrocycle. This is going to be epic and a taste of what we will see across the board in the coming months. Expecting $500+”.
What is surprising is that Solana has remained bullish even in a fundamentally bearish market phase like the last few days.
Solana’s price was certainly affected by the Total Value Locked (TVL) data on DeFi protocols. The figure exceeded $160 billion for the first time.
Ethereum remains the world’s number one DeFi blockchain. But certainly Solana, with over $12 billion in TVL, has seen the most growth in this area over the last period.
The DeFi market has long been considered one of the most promising applications in the crypto and blockchain market landscape. Matthew Roszak, founder and CEO of Bloq, a blockchain startup that advises financial institutions on the crypto world, is confident that the DeFi sector will definitely see a 10-fold growth to become an $800 billion industry soon.
This ecosystem of eliminating all types of intermediaries in every financial transaction is continuing to gain market share, despite being viewed with natural suspicion by traditional finance.
It is no coincidence that the US stock exchange regulator, the SEC, opened an investigation into Uniswap, the world’s largest DeFi exchange, in mid-September.
The financial authorities have long been calling for precise regulation of the crypto market and of DeFi in particular.
Solana and DeFi
There are many DeFi projects built on Solana’s platform that are experiencing great growth rates. Many companies and apps are choosing Solana as a platform to develop their projects because of the speed of transactions and low costs compared to Ethereum.
Solana allows for around 50,000 transactions per second. Basically, Solana would like to become the world’s first platform for scalability, overcoming the limitations of Ethereum.
It is thanks to the growth of DeFi and the related NFT market that Solana is getting a significant boost on its journey.
Radyum, Map.me, Orca. Oxygen, Audius, are just some of the latest interesting projects that have relied on Solana for their development and market launch.