Solana’s meteoric rise: 10,700% year-on-year growth

December 1, 2021

Solana (SOL) has been seeing increasing values, without any signs of stopping. This rings especially as Grayscale Investments announced that it would be adding SOL to its assets. As the largest cryptocurrency fund in the world, Grayscale is considered one of the cryptocurrency industry’s biggest institutional whales.

After the announcement, and in conjunction with the consistent increases, SOL gained by more than 6.5% intraday, taking the token to nearly $217.50. According to market analyst Fomocapdao, it looks like Solana might be headed for $300 if the rally can push through past “exhaustion”:

SOL, although, looks like exhaustion, still $300-something is possible (this season)… It depends on the whole [ecosystem though], meaning TVL, NFTs, Tabasco, announcements of announcements.”

Grayscale adding Solana to its fund

Grayscale adding Solana to its portfolio offers new investors exposure to Solana, presenting the cryptocurrency to more large-scale and high-end investors who will be able to buy and hold large amounts of cryptocurrency. The addition of SOL to Grayscale highlights the growth of Solana’s as a project. Launched in March 2020, the blockchain project has emerged as one of the strongest platforms to rival Ethereum.

The platform has appealed to new decentralized applications (dApps), nonfungible token (NFT) projects and other blockchain projects with its low fees and fast transactions. With new projects using Solana as a platform to operate on, the token has gained massive attention from those in the industry. With Solana’s fee and staking structure, the price of the token has surged with new projects raising the price. Since its launch, SOL has seen a meteoric rise of more than 10,700% year on year. Now, the project is not even two years yet, and it is valued as the fourth-largest blockchain in terms of market cap. The low-fee, high-speed attract projects and the over $70 billion valuations attracts investors in the cryptocurrency and digital asset market.