Solana (SOL) up 5% as Investors Focus on This Promising Niche: Details
Solana (SOL) has joined the mild altcoin uptrend on the market today after printing a 5% surge to $15.87. Impressive price surges are not new for Solana, which has printed cumulative growth of 63.89% since the start of the year. In the current price range, SOL has now pared off its losses for the past week and is up by 2.57% in that time span.
The Solana ecosystem is constantly innovating, a push that has made it one of the most versatile smart contract networks in the industry today. The ongoing price uptick must have been triggered by a recent report from crypto analytics service provider Messari featuring the non-fungible token (NFT) capabilities of Solana.
Solana is known for the diversity of its innovation and growing Total Value Locked (TVL) in the Decentralized Finance (DeFi) ecosystem. However, the protocol has distinct growth in its NFT ecosystem; Messari acknowledged the daily NFT transactions doubled over the past month.
Besides prominent competition from OpenSea, Solana has some of the most robust NFT trading marketplaces in the industry, with the likes of Magic Eden, Blur and NFTFi taking centerstage.