Ethereum Rival Solana Jumps to 7th place, should you buy?

Solana SOL/USD is a platform developed to be the foundation for decentralized application (dApp) development by providing a high level of scalability. 

As of September 7, Solana has 332 dApps developed on its blockchain. FTX and Alameda research selected Solana for speed, and USDC chose Solana for its fast and global settlement. 

You also have Metaplex that selected Solana to elevate their creators, and Audius, with over 5 million monthly users, that selected it due to its scalability.

That being the case, on August 3, the SOL token was valued at 32.91, while on September 7, it got to its all-time high of $193.87, which showcased remarkable growth.

The main reason due to this growth in its ecosystem is value can be due to Solana’s high speed and lower cost of transactions, especially when it comes to DeFi and digital collectibles, where Ethereum otherwise dominates. In fact, ever since its initial launch in April of 2020, in just 18 months, Solana has grown 18,000%.

As such, the question on everyone’s mind is, should you buy Solana (SOL)?

On September 7, Solana (SOL) had a value of $179.71.

To conduct solid price analysis and see how it jumped to number 7, we’ll go over its recent performance as well as all-time high value.

Solana experienced its all-time high value on September 7, where it jumped to $193.87. The interesting part here is that the value of the token shifted by just 8% from its all-time high value throughout the same day.

The lowest price point of the SOL token was on August 3, where the value fell to $32.91.

Over the month, it saw tremendous growth, growing up to $122.39 by August 31. Here we can see an increase in value by 271%, which is exceptional. 

And from August 31 to its all-time high value, the token increased an additional 58%. Additionally, it saw a 24 increase in trading volume of 277% and an increase in its market cap by 30%.

With all of this in mind, we can expect the SOL token to increase its value to $228.23 by the end of September.

The post Ethereum Rival Solana Jumps to 7th place, should you buy? appeared first on Invezz.