Solana (SOL) Skyrockets To New Highs Following The Ignition Hackathon
Solana (SOL) took the crypto market by storm when it smashed an all-time high of $145.97 today.
Since early 2021, Solana has demonstrated an aggressive bull rally. The token nailed a whopping growth rate of over +7,500%, acquiring a massive market capitalization of over $41 billion. Very recently, Solana dethroned $DOGE and became the seventh most valuable project of the cryptosphere.
Solana (SOL) is riding a wave of NFT and DeFi projects
While investors continue to have a positive outlook on SOL and its success, experts attribute the altcoin’s explosive surge to NFT and DeFi project integrations. It is worth noting that Solana network hosts a cumulative of 400 projects at present, and some of the projects are performing really well in markets. Solana’s key driving factors listed down below.
Degenerate Ape Academy was Solana’s prime big leap into NFTs in August. The platform enables users to mint amusing cartoon apes — with various degrees of rarity. At the time of launch, the collection saw 10,000 apes and in mere eight minutes, they were all gone aka sold! The incident drove SOL’s overall trading volume to 96,000, approximately $5.9 million at the price of $61.5. Besides this, the episode also propelled Solana amongst top 10 cryptocurrencies on CoinMarketCap,
We sold out in 8 minutes. Holy Ape.No the drop was NOT smooth. It was shitty at best. We did A LOT wrong and the team was overwhelmed with the wave that hit us in the past week. It was exponentially bigger than we thought. Please ape rage in the comments /1 pic.twitter.com/HCccxoSoQn— Degenerate Ape Academy 🎓 (@DegenApeAcademy) August 15, 2021
FTX and Alameda Research launched a decentralized cryptocurrency exchange dubbed ‘Serum’ on the Solana network, which hosts Circle’s stablecoin USDC. Most recently, on September 2, Solana announced an integration with blockchain-powered music platform Audius. These factors helped Solana to record higher highs and dethrone meme coin $DOGE.
What May be Fueling Solana’s Rise
Solana appeared more bullish following its global hackathon launch, dubbed as Ignition. Speculators misunderstood Ignition to be ‘SOL burning event’ which further propelled the token higher above $100 for the first time in its history on August 30.
Per the network, the hackathon will run from August 31 until October 8 with an aim to fetch out talents from around the world into the Solana community. Ignition has also pledged to distribute over $5 million worth of rewards and prizes from event sponsors like Microsoft, Jump Capital, and Standard Chartered, Mango Markets.
The token price is on a tear. One of the analysts on twitter anticipated that SOL price will breach the $200 mark in upcoming trading sessions.
$SOL magic happened after breakout.200 not that crazy anymore.Anyway, get ready to TP. pic.twitter.com/X2SaEPOFzS— Don Crypto (@DonCryptoDraper) September 3, 2021
Analysts also speculate that SOL can see further highs observing the ongoing DeFi and NFT mania.Source