Solana capitalization exceeded $ 50 billion

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The Solana cryptocurrency rate has grown by 29% in the last 24 hours and by almost 55% in a week. As a result, the capitalization of the SOL coin exceeded $ 50 billion and it moved up to 7th place.

SOL is trading at around $ 186 at time of publication, with the maximum being reached at $ 195 per coin. Solana has displaced the popular “meme coin” Dogecoin with a current capitalization of $ 38 billion from the 7th place in the CoinMarketCap ranking.

Solana’s network features high bandwidth and low fees, which attracts developers. The growth of the cryptocurrency is also supported by the support of the FTX exchange, which recently launched a platform for issuing and trading collectible tokens (NFT). The platform supports Ethereum and Solana.

“The boom in the popularity of non-fungible tokens and the growth of decentralized finance projects have helped not only Ethereum, but other smart-contract-enabled blockchains such as Solana, Binance Coin and Cardano,” said Nikolaos Panigitrzoglou, head of research at JPMorgan.

Just a week ago, when the SOL rate was hovering around $ 100, several analysts expressed confidence in the further growth of this cryptocurrency. As you can see, they were right.

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