Solana prices reached new highs and became the fourth largest cryptocurrency by market value for the first time.
Solana (SOL) reached a new all-time high and market capitalization on November 3, by rising 7% in the last 24 hours, to $239. This brings the market capitalization to more than $71 billion for the first time in history.
Solana mobilizes NFT frenzy
Solana’s battle for the top five cryptocurrencies stems from the strength of SOL’s new uptrend going into the last quarter of 2021.
Analysts attribute this to the number of non-fungible tokens (NFT) projects. The rise of Solana is one of the main reasons for the price boom.
Solana’s secondary NFT sales reached half a billion dollars in three months.
The researchers noted the growth of NFTs in the Solana ecosystem as the blockchain processed the volume of NFT secondary sales. All of these reached $500 million in value since April 2021.
Solana will show this initial energy in NFT growth. Whether this will be the case in the long term is not clear. But the current signal shows valid reasons related to Solana’s burgeoning NFT ecosystem.