With hundreds and thousands of cryptocurrencies in the world, investors have tons of opportunities of making profits at their disposal.
However, it is easier said than done, as the crypto market does offer relatively high profit but at the same time, it also constitutes of a higher risk margin. This is why traders are often advised to manage their risk levels, and determine the market entry and exit points beforehand to avoid any major loss.
The volatility of the crypto market is probably its most attractive yet destructive element. Almost every crypto coin goes through phases of volatility, where the price of the token either shoots up or crashes down to rock bottom. Almost every renowned coin has experienced this phase, be it Bitcoin, Ethereum, Cardano or Doge. Currently, it is Solana (SOL) that is going through a volatile phase, and has been able to record massive gains over the last month.
Growth of crypto projects on the Solana Blockchain
Solana recorded a high of almost $194, as it inches closer to the $200 mark. Currently, it is traded around the $185 mark. Even after a slight consolidation, this price shows the growth SOL has experienced over last weeks.
Moreover, there has been a staggering increase in the number of cryptocurrency projects on the SOL blockchain. About 53% of trending crypto projects are using the Solana blockchain, showing its immense popularity and usability.
In addition to that, the NFT marketplace of Solana, SolSea has also solved a bug that plagued the Solana ecosystem for months. This issue was known as NFT impersonators, and through its latest upgrade, SolSea has fixed it. SolSea announced this upgrade through a tweet, explaining the solution of the problem in two points.
This upgrade is one of the reasons to trigger the growth of Sol in the recent days. Solana is a direct competitor to Ethereum, as it is also termed as ‘Ethereum-killer’ by the crypto community. However, the world’s largest P2P NFT marketplace, OpenSea, that is built on Ethereum is yet to find a solution for the similar problem that was faced by SolSea. Thus, the NFT community is building a liking towards SolSea, and this can be a major factor in the longevity of the project.
Solana’s market capitalization is also on a rise, as it is now looking to flip over Cardano, and make an entry into the top three largest cryptocurrencies by market cap.
