Solana’s proprietary cryptocurrency, Solana (SOL), a third-generation blockchain network focused on increasing the speed and number of transactions, has broken a record to date, breaking historic levels of all crypto signals, says the research team of SafeTrading.
↑ Solana (SOL) rose 40% to $ 68.
Which is quite popular recently, the cryptocurrency LEFT, then the leader of the cryptocurrency exchange and a number of infrastructure developments, according to traders, the Solana Binani ecosystem has increased by 35.30%, in the last 24 hours it has grown to $ 68.312.
The popular altcoin turned up with an uptrend started yesterday. So much so that Solana (SOL) has shown incredible performance, up almost 60% in the last 2 days – says the analyst of SafeTrading team.
↑ Why is Solana growing?
Mango Markets offers investors a platform for spot markets, lending and perpetual futures. It provides liquidity from its own local pools as well as Serum, another Solana blockchain-based exchange powered by the popular FTX cryptocurrency exchange. Its operating model is very similar to other successful Ethereum-based decentralized exchanges such as Uniswap and Sushiswap.
Other upbeat updates include the August 9 launch of Wormhole, a communications protocol between Solana and other leading decentralized finance projects including Terra, Ethereum, and Binance Smart Chain, as well as 10,000 NFT Degenerate Ape Project over the weekend. It includes their sales with SOL support.
In addition, market analyst Pentoshi tweeted the Solana NFT sale on the Solanart NFT platform, saying, “Over 200,000 SOL were sold on the first day, even within 24 hours.”
The renowned analyst also made the following statements:
- “SOL has almost no significant NFT projects, but what happens when the market starts to change? The demand for SOL will push prices to new highs. So much so that when we look at the chart, the price is already ready for a new discovery. “
↑ Impact on the cryptocurrency market.
Solana (SOL) took over the attack and saw incredible gains as other popular cryptocurrencies slowed down. Both Bitcoin (BTC) and Ethereum (ETH) indicators of the Relative Strength Index (RSI) showing a value above 70 have slowed the gains of popular cryptocurrencies. However, alternative cryptocurrencies have been gaining momentum following stable price movements in Bitcoin and Ethereum crypto signals.
- Over the past seven days, the Solana rate has risen by about 67%, while XRP has shown similar results, adding 60%.
- On the other hand, Ethereum’s biggest competitor Cardano (ADA) also posted a 47% gain, while Dogecoin (DOGE), a very popular cryptocurrency in the form of memes (giveaways) of the last period, grew by 34%, which is the best indicator.
But now, like Bitcoin and Ethereum, Solana seems to be facing the same overvaluation risks. As on Monday, the daily RSI SOL / USD reached 84, raising risks of profit-taking, although optimistic fundamentals provided bullish support for the ongoing rally in the pair.
At the time of writing, the popular cryptocurrency Solana (SOL) continues to trade at $ 67, up 43% according to CoinMarketCap.
The Polygon Network (MATIC) continues to grow!
Polygon is attracting the attention of many projects with its blockchain infrastructure. Parallel networks are becoming increasingly attractive, especially considering transaction costs and functionality. As SafeTrading team knows, Terra Virtua is an NFT project joining the Polygon Network (MATIC) as announced yesterday.
↑ Terra Virtua and Polygon (MATIC)
Attracting attention with its more environmentally friendly structure, Polygon agreed with the popular NFT Terra Virtua app. The project, which is already on the Ethereum (ETH) network, has migrated to the Polygon network (MATIC). There are many reasons for this decision by the company.
The details of today’s statement are as follows:
- “We are switching to Polygon systems (MATIC) because it is a cleaner infrastructure. Thus, we will reduce the energy that we spend to create one NFT by 99%. We needed this to support a sustainable NFT ecosystem. ”
Javad, Co-Founder and CTO of Terra Virtua:
- “Our mission is to empower everyone to interact with the NFT. We want to revolutionize it by making it affordable. Thanks to the power of the Polygon network, we can more easily achieve our goals. ”
↑ Nearing the end of beta testing.
Terra Virtua, which was moved from the Ethereum network, has come to the end of beta testing at this stage. By announcing that it will soon establish licensing partnerships with global intellectual property, Terra Virtua has many long-term goals for the future.
The project, which passed a special round of financing in November and received an investment of $ 2.5 million, continues to grow rapidly. Terra Virtua officials who want to be mainstream in the NFT field are making the necessary efforts in this regard.
A project that is trying to do different things on NFT from its innovative point of view can be mentioned more in the near future if it continues at the same pace. As you know, NFT is a completely new area, reminiscent of the Bitcoin days in 2013. With continued community support and the elimination of rotten apples, we could see projects like Terra Virtua hitting billions of dollars quickly.
On the other hand, Ethereum (ETH) continues to lose blood due to some negative aspects. As networks like Solana and Polkadot continue to grow, they are powered by the Ethereum network. If a major update comes out after 2023, it could be a disaster for Ethereum.