Solana Spikes Above $200 To Lead Crypto Market Gains
Smart contract platform Solana (SOL) is leading altseason with a convincing upward move above the $200 level. At the time of writing, SOL is up 37% in the past 7 days according to CoinMarketCap, miles ahead of any other crypto in the top 25.
Solana's performance this year is a crystalization of what attracts so many investors into the crypto market. SOL entered 2021 at $1.84, and is now 11,041% higher, less than 11 months later. It has blasted it's way into the top 10, and is currently about a 15% move from flipping Cardano for the 4th spot, making it one of the better trades of the year.
Sam Bankman-Fried, CEO of crypto exchange FTX which backs Solana, called the rise of SOL early on when he famously said in January that $3 was bargain.
As Solana's market cap continues to expand, so does it's ecosystem of decentralized finance (DeFi), non-fungible tokens (NFTs), Web 3.0 applications and more all built on its blockchain. Yesterday, Hong Kong-based Synchrony raised $4.2 million from a collection of investors in the space for its Solana-based project. Synchrony is an artificial intelligence powered decentralized asset management platform meant to allow users to passively manage money.
“Detailed insights and analytics will bring tremendous value to the Solana ecosystem and its most active participants,” said Han Kao, founder of Sanctor Capital. "
"By unlocking this trove of data, Synchrony will provide a more holistic view of Solana dApps and DEX’s, which ultimately increases transparency while introducing new value for traders.”
As per its website, Synchrony's core features are "copy-trading and composable indices, both facilitated by a friendly Defi Farmer's market - a place to interact with the whole Solana blockchain from one location." Synchrony will join hundreds of other applications and projects built on Solana.
SOL is currently $10 away from breaking new all-time highs, potentially gearing up for another round of price discovery once again.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.