SOL-mates might consider not giving up

Solana Hits All-time High

SOL-mates might consider not giving up

Like the rest of the market, Solana plummeted on May 9 and ended up at the same all-time high it had in May 2021. The many ecosystem activities around Solana, on the other hand, are attempting to put the bearish narrative away. To begin, one of Solana’s main strengths, NFTs, earned massive support from Meta on May 8, when the social media company revealed that Instagram would allow Solana NFTs on the platform, with plans to implement the same on Facebook shortly.

The news created more than expected ripples because the Twitter-NFTs connection confines Ethereum-based NFTs, which disappointed many people in the NFT sector.

Solana NFTs have generated over $463.4 million in transaction volume in the previous four months alone, with over 637k traders since September 2021. Second, Solana became one of the few assets added as collateral to Anchor, the world’s second-largest lending protocol. Furthermore, the DeFi platform will allow SOL as collateral (wrapped as stSOL on Terra), allowing users to access collateralized lending and ANC benefits.

Despite the current UST de-pegging fiasco, this was a significant accomplishment for Solana fans. Such changes have also made Solana a favored asset for institutional investors.

For the first time in four weeks, assets for the week of May 6 saw inflows of around $40 million, with Solana topping these inflows for cryptocurrency. Furthermore, as the only support other than Bitcoin to have significant inflows, Solana has enormous year-to-date flows for non-primary digital help. Given its market demand, SOL may not take too long to recover. Furthermore, the altcoin was down 12.25 percent the previous day and was trading at $62.54 at press time. Solana’s odds of reaching $100 by the end of May 2022 appear dismal.

The post SOL-mates might consider not giving up appeared first on FinanceBrokerage.


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