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Does Solana mimic Ethereum’s movements? According to some experts, can get $ 500

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During the recent bloody crash, which affected almost the entire crypto market, Solana was able to attack its new all-time high of $ 217.

The ability of the cryptocurrency to sustain bearish pressure has underlined growing investor interest in Solana’s blockchain.

Does Solana mimic Ethereum's movements? According to some experts, can get $ 500
Graph of daily SOL / USD prices. Source: TradingView

“Sufficient SOL performance in the market has recently been more or less a continuation of previous growth”

Said Petr Kozyakov, co-founder and CEO of Mercuryo in the field of payment services.

“Due to the fact that there are more than two different projects and NFT minting in the ecosystem every day, there is a constant demand for SOL from retail buyers. As a result, Solana has maintained its price at more than 50% appreciation this week despite the collapse of the entire market. ”

NFT on the FTX platform

On August 15, Solana hosted the opening of the NFT Degenerate Ape Academy, which featured a collection of 10,000 cartoon apes. They sold out in just eight minutes and cost 96,000 SOLs, or about $ 5.9 million.

Does Solana mimic Ethereum's movements?  According to some experts, can get $ 500

Solana continued its foray into the NFT by opening the FTX-supported digital collectibles market earlier this week. FTX, a crypto derivatives platform, has revealed that its new NFT venture would allow NFT creators and owners to trade their digital chains across chains using Solana and ETH.

Solana defeats the best opponents

The cryptocurrency market erased more than $ 200 billion from its valuation after Tuesday’s sudden sell-off. The leading digital asset by market capitalization, BTC, has seen prices fall from more than $ 52,000 to nearly $ 42,000 in minutes, which analysts largely attribute to cascading long liquidations.

Alternative cryptocurrencies or altcoins, which more or less follow the BTC trend, decreased in tandem, with the second largest ETH falling by as much as 23.41%, and the Cardano token falling by 30.89%.

While SOL / USD fluctuated sharply between gains and losses, it finally closed the day 5.45% higher.

The pair rose nearly 890% after bottoming out at $ 21.96 on July 20. At the same time, the total value locked in DeFi projects on the Solana network also exceeded $ 7.81 billion.

Greg Waisman, co-founder and chief operating officer of Mercuryo, said SOL would reach $ 500 by the end of 2021.

“Solana’s growth appears to mimic the growth of Ethereum (ETH) and Binance Coin (BNB), and the $ 500 projection for the coin may turn out to be conservative.”

Conclusion

The SOL cryptocurrency is currently trading at $ 197. Compared to its maximum, it has fallen slightly, however, the prospects are still very positive.

Solana (SOL), Polkadot (DOT) and Cardano (ADA). Which one will win.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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