Solana hits a new all-time high and Bitcoin and altcoins struggle
Bitcoin and Ethereum were struggling with their prices while Solana was on fire on Sunday.
On Sunday, SOL which is Solana’s native coin surged on Sunday and hit a new ATH, and achieved a technical breakthrough.
According to the data obtained from TradingView on Sunday, there was a significant increase of 24% over the past 24 hours for SOL which reached a new high of $52.42. This was a huge deal for SOL since it broke its psychological level of $50 although SOL managed to reach $49.99 earlier on May 2, it couldn’t hold its level up there. Today and right now SOL is trading above $51.
Solana’s Performance, Source: TradingView
While the first and second-largest coins of the crypto market by market cap, Bitcoin and Ethereum were struggling to keep their prices as a result of the negative waves from Elon Musk’s tweets regarding Bitcoin’s suspension as a payment method for Tesla cars, SOL enjoyed a huge 24% and 28% rise in the past 24 hours in comparison to BTC and ETH, respectively.
It must be mentioned that ETH was not the only altcoin that dropped in value, most if not all the altcoins were down in the past 24 hours.
Solana’s blockchain is rapidly developing. It is one of the most active networks that managed to collect $40M through the Solana Foundation grants program to proceed with its protocols and decentralized applications. Currently, it is host to many Defi apps and more than 50 projects.
Solana has been successful and has gained popularity. This can be attributed to two main factors. It could be the effect of Solana’s projects’ airdrops for their current users and the fact that Solana’s network is cheaper than Ethereum’s comparing their transaction fees so users of this network.
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