Why is the Solana crypto price exploding?

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January is over and few crypto investors are going to regret it! In fact, Bitcoin had its worst January month since … the famous “crypto winter” of 2018. In the wake of Bitcoin, the entire crypto market weakened in January. What if February heralds something better? In any case, it started with a bang for the buck in Solana!

Why is the Solana crypto price exploding?
Source: Adobe / Andreas Prott

The Solana crypto, one of the winning cryptos of 2021

The Solana crypto made a lot of noise in 2021. Experience the basics of the Solana ecosystem.

What is Solana (SOL)?

Solana blockchain aims to evolve decentralized applications (Dapps). It plays on the same track as Ethereum, Avalanche or Cardano. The SOL crypto is used to function in the Solana ecosystem.

Solana blockchain leverages several strengths. First and foremost, it has the technology that makes it possible great scalability. In theory, the Solana network can handle 50,000 transactions per second. Actually network outages recent months have shown that the limit is lower. However, the Solana network has one of the best scalability on the market. That costs on Solana are also low, making it possible to capture new projects.

Then Solana blockchain is quite virtuous in terms of environmental costs. Blockchain uses the POS protocol. Recently, the Solana Foundation communicated quite flattering figures in this area. Thus, according to these figures, a the transaction in Solana has an energy footprint less than two Google searches! In the current context, where cryptocurrencies are regularly highlighted, Solana is betting heavily on its environmentally friendly side.

Source: Adobe / Dima yummy

Solana price: 17%

The price of the Solana crypto caught the eye in 2021. In fact, its price hit record after record, so in total, the price of SOL increased by more than 10,000% in 2021! Such an increase in price has allowed Solana to comfortably integrate the top 10 of the world’s cryptocurrencies.

Solana was not spared from the recent cryptocurrency. On January 24, the price even reached a price of $ 82, which is more than three times less than its ATH ($ 260.06) reached November 6, 2021.

Currently, the price of the Solana is $ 108. It has risen very sharply by 17% over the last 24 hours. This is simply the best performance in the top 50 at the time of writing. Solana’s capital value is $ 33.8 billion, making it the 7thth global crypto. It’s right on the heels of one of its competitors, namely Cardano and its $ 35.8 billion capital value.

Source: Adobe / Pixel Grain

The reasons for the explosion of the Solana Prize

There are several reasons behind the resurgence of the Solana crypt.

ORCA and FIDA tokens listed on Coinbase

First, the cryptocurrency exchange Coinbase announced the listing of two tokens hosted on the Solana blockchain: ORCA and FIDA. Trading in these two tokens officially started on Tuesday, February 1st at. 9.00 (Pacific time). This is the first time that giant Coinbase has offered tokens that are not part of the Ethereum ecosystem for trading (apart from native blockchain tokens of course).

ORCA is the name of the original token of the decentralized exchange (DEX) of the same name and runs on Solana blockchain. The price of the token has increased by 15% since Coinbase’s announcement. Tokenet IFAD, meanwhile, is the original symbol of the Bonfida platform. This platform connects DEX Serum (running on Solana) to the Solana network and its users.

Phantom continues its development and launches its wallet on iOS

Another reason for Solana’s price increase is the announcement from Phantom. As a reminder, the Phantom is the most widely used wallet with Solana. But on Monday, January 31, 2022, Phantom announced that it had received $ 109 million in investments from the firm Paradigm. Phantom also announced that it had launched its iOS application. In other words, the Phantom wallet is now available on the Apple ecosystem. The arrival of an application on Android is in the pipeline in 2022.

Will the crypto market rise in February? In any case, Solana has begun her ascent …

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