It is the first time that Solana has reached the “top 5” of cryptocurrencies.
At the time this article was written, Solana (SOL) registered an increase of 8.23%, trading at US$ 244.51 per unit. The project is in fourth place in the CoinMarketCap, with a trading volume of approximately US$73.6 billion.
On the other hand, Cardano (ADA) suffered a 2% drop in the last 24 hours and has a total trading volume of US$ 66.9 billion. Currently, the asset is in sixth place, US$ 5 billion below the total volume of Tether (USDT).
Solana has struggled to improve its market position over the last quarter of this year. The token has risen over 65% since day 1O October, while Cardano recorded an increase of only 2.1% in the same period.
On September 13, Cardano released the Alonzo update, which (finally) guaranteed the execution of smart contracts within its blockchain. However, instead of rising, the token began to plummet shortly after the update was released.
NFTs x Solana
Mayson Nystron, researcher at Messari, published that the “formidable growth” of NFTs within Solana is one of the reasons the project soared:
“While Solana’s initial dream is to compete with Ethereum in her DeFi reign, it can be said that she has started to expand her tentacles into other sectors dominated by Ethereum, such as NFTs.”