Solana Rises 48% As Smart Contracts Platform Leads To Recovery

Solana rises 48% this week as the smart contracts platform leads to recovery on the market as we can see more in our latest altcoin news today.

Solana is the sixteenth largest cryptocurrency by market cap and increased 12% in the past 24hours and 48% in the past week as per the data from Nomics. The current price is set at $41 marking the highest price since May 19 when it crashed to $35. While Solana surges, the rest of the market stagnated as BTC dropped to $36,000 as the largest bellwether on the market, crashing 2% on the day. Ethereum is the second biggest cryptocurrency and got down by 0.
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3% to $2640. Joining Solana’s resilience are the native tokens of smart contracts platforms including Cosmos and Polkadot as per a note from crypto research company Messari.

Analyzing the performance of the crypto sectors in relation to the market slump, smart contract platforms, decentralized exchanges, decentralized finance, and web3, Messari found that the smart contract platforms prove the most resilient to the latest crypto market crash. The crash halted Bitcoin’s price to lows of $32,000 and BTC recovered to new highs of around $40,000 before dropping to today’s prices of $36,000. Smart contract platforms recovered by 3.11% over the past week while Web3 coins rebounded only 0.12%. Over the past day, Cosmos jumped by 2.77% to $15.29 and Kusama ended up at 1.67% to $414. DOT dropped by 0.48% to $24.33.

Founded in 2017, Solana is a blockchain that supports highly scalable decentralized application dapps and it is seen as the Ethereum killer because the project claims to process up to 50,000 transactions per second. This is the fastest than ETH’s average of between 10 and 15 TPS and BTC’s average TPS is between five and seven. Solana rises 48% but with a market cap of $11 billion, Solana is still far behind Ethereum as the most dominant smart contract network with a market cap of $306 billion. There were also a few confidence-boosting developments for Solana and multiple sources even said that Solana is raising up to $450 million to bulk out the platform and exceeded its level of funding for the round in March.

Also, a new NFT marketplace Metalplex launched on Solana and it is pitched as Shopify for NFTs that allows creators to create their own NFT stores.