The cryptocurrency Solana (SOL) reached a new record last Thursday, reaching a price of 250 dollars, a historical value and about 5 times higher than the price of May of this year, before the great correction in the market.
This year alone, Solana appreciated nearly 9500%, and SOL traded in January 2021 for just $2.7. Today, November 6, the cryptocurrency is trading for around US $241.5.
A year ago, on November 6, 2020, the asset was worth just $1.93, nearly 18,000% over a one-year period, according to data from Coingecko.
Ascent of Solana (SOL)
In May of this year, Solana reached the price of $57 before the general market correction, after which it fell to about $20, but recovered quickly.
This week, Solana (SOL) outperformed stablecoin Tether (USDT) in market capitalization and ranks fourth in the highest market value of cryptocurrencies, according to CoinMarketCap.
What is Solana?
The alternative cryptocurrency (altcoin) Solana, has a platform similar to Ethereum, which allows the construction of Decentralized Applications (Dapps), NFTs, games and more.
Solana works with Proof of History (PoH), different from Proof of Stake (PoS) like ETH 2.0 (in transition) or Proof of Work (PoW) that uses Bitcoin.
In recent years, dApps have made great strides, with launches ranging from games to DeFi (decentralized finance), all of this is possible on the Ethereum network, but due to the high demands the network is congested and expensive, with that, alternatives like Solana.
Despite the market correction that took place in May this year, we are still in the bull cycle, and there is a very positive asymmetry relative to some altcoins, with an even greater appreciation trend.
Among them, altcoins that keep hitting new ATH, like in this case Solana, which tend to shine even more at the end of the high cycle.