Solana Gains Momentum with New Tech Releases and Institutional Support, Up 7% in a Week
Over the last 12 hours, Solana ( SOL ) has maintained a steady position, trading around $154.64 , reflecting a 1.4% decline in the past 24 hours but a 6.9% increase over the last week. The current market cap sits at $73.5 billion , with a 24-hour trading volume of $3.2 billion . Solana’s recent price surge has been fueled by several key developments, including new product launches and institutional backing​( CoinGecko )​( CoinMarketCap ).
Key Market Developments:
Institutional Adoption and Product Launches : At the recent Breakpoint 2024 conference, Solana announced major partnerships and product innovations. PayPal endorsed Solana for retail crypto payments, and Franklin Templeton revealed plans to tokenize assets on Solana’s blockchain . Additionally, Solana introduced two new hardware products: the Seeker mobile phone and the Play 1 handheld gaming console , signaling its push into the consumer electronics and gaming markets​( CoinMarketCap ).
Technical Overview : Solana has been performing well in the decentralized finance (DeFi) and NFT spaces. Its DeFi Total Value Locked (TVL) reached $4.818 billion , making Solana the third-largest DeFi ecosystem . In the NFT sector, Solana leads in daily active users, with 27.1K users engaging with the platform in the past week​( CoinMarketCap )​( CoinGecko ).
Challenges and Competitor Comparisons : Despite its successes, Solana still faces occasional network outages, which have historically impacted its price stability . However, its recent gains have outpaced competitors like Ethereum and Tron , which saw lower weekly increases​( CoinMarketCap ).
Read More: https://onthenode.com/cryptocurrency/solana-gains-momentum-with-new-tech-releases-and-institutional-support-up-7-in-a-week
Over the last 12 hours, Solana ( SOL ) has maintained a steady position, trading around $154.64 , reflecting a 1.4% decline in the past 24 hours but a 6.9% increase over the last week. The current market cap sits at $73.5 billion , with a 24-hour trading volume of $3.2 billion . Solana’s recent price surge has been fueled by several key developments, including new product launches and institutional backing​( CoinGecko )​( CoinMarketCap ).
Key Market Developments:
Institutional Adoption and Product Launches : At the recent Breakpoint 2024 conference, Solana announced major partnerships and product innovations. PayPal endorsed Solana for retail crypto payments, and Franklin Templeton revealed plans to tokenize assets on Solana’s blockchain . Additionally, Solana introduced two new hardware products: the Seeker mobile phone and the Play 1 handheld gaming console , signaling its push into the consumer electronics and gaming markets​( CoinMarketCap ).
Technical Overview : Solana has been performing well in the decentralized finance (DeFi) and NFT spaces. Its DeFi Total Value Locked (TVL) reached $4.818 billion , making Solana the third-largest DeFi ecosystem . In the NFT sector, Solana leads in daily active users, with 27.1K users engaging with the platform in the past week​( CoinMarketCap )​( CoinGecko ).
Challenges and Competitor Comparisons : Despite its successes, Solana still faces occasional network outages, which have historically impacted its price stability . However, its recent gains have outpaced competitors like Ethereum and Tron , which saw lower weekly increases​( CoinMarketCap ).
Read More: https://onthenode.com/cryptocurrency/solana-gains-momentum-with-new-tech-releases-and-institutional-support-up-7-in-a-week
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