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Solana, the cryptocurrency little known outside the crypto community, keeps setting new records. The token continues to extend its rally which started in late August when it surged by 26% with short pullbacks. In general, the price skyrocketed by 200% in August. The cryptocurrency which made its debut only 18 months ago has already hit a market cap of $35 billion. The main reason for Solana’s extreme popularity is associated with the network’s entry into non-fungible tokens (NFTs). This means that every token is unique and cannot be exchanged or replaced with a similar token. Solana’s success was largely supported by the August rally of NFTs which hit an all-time high in sales of about $900 million. Besides, the developers are focused on smart contracts, making them safer than traditional ones. Today, Solana is considered the main competitor of Ethereum because its technologies are cheaper and have higher processing power. At the same time, the growing popularity of Solana may soon be at risk. Thus, other digital coins such as Cardano are planning to enter the market of smart contracts which may lead to increased competition. What is more, Solana dropped by 60% this summer amid an overall collapse in the crypto market and China’s clampdown on the industry.
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