Solana (SOL) Hits A New All Time High With Record Transaction Volumes

Altcoin Solana (SOL) is making some silent moves gaining a massive 41% in the last 24 hours and hitting an all-time high of $63.43 as of press time. The Solana cryptocurrency has set itself up for a massive journey northwards and looking to make its way in the top ten cryptocurrencies by market cap.

Over the last week, Solana’s SOL crypto has gained over 55% and is the second-best performer after Ripple’s XRP. It is also becoming a preferred destination for several DeFi applications. Citing some other major milestones, Chinese crypto-journalist Colin Wu states:

The Solana public chain has also set a new high with a lock-up volume of $1,854,341,405.74. Solana’s total transaction volume reached 24.1 billion transactions, many of which may be fake transactions.

The latest developments with Solana Blockchain adoption

As stated the Solana blockchain is turning to be a better choice for new market players. There’s growing adoption of the Solana ecosystem with Wormhole, a bridge facilitating communication between several blockchains like Solana, Ethereum, Terra, Binance Smar Chain, and others.

The developers note that this is a simpler and faster solution while ensuring easy transfer of crypto assets like price data, tokens, NFTs, and governance decisions. the cross-chain messaging platform Wormhole will also facilitate the transfer of cross-chain liquidity along with Solana’s Serum ecosystem.

Last week, Mago Markets – a decentralized exchange (DEX) on the Solana blockchain raised $70 million in a token sale. Thus, it creates quite encouraging prospects for new players to join the Solana ecosystem.

The Mango Market DEX offers a trading hub for perpetual futures, spot markets, and lending. It provides liquidity from its own pool as well as from other Solana-based exchange Serum.

Back in June 2021, Solana Labs – the leading firm behind the Solana blockchain raised a total of $314 million. Besides, the Solana blockchain has strong backing from leading industry players like FTX Exchange’s CEO Sam Bankman-Fried.