30 Aug 2021 Morgan Hayze
Solana Hits $100, Up Almost 40% In A Week
Strong demand from retail and institutional investors pushed Solana (SOL) past the $100 price mark, cementing its position as the eighth-largest crypto to date. Solana’s impressive near 40% weekly price climb has put the project in front of leading digital currencies like Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), Bitcoin Cash (BCH), and Chainlink (LINK).
Solana’s massive gains managed to make SOL the best performer among the top 10 cryptos, like the rest of the crypto sector, which is in a slight price decline both daily and weekly. If the gains continue, the next possible target for Solana is Dogecoin, currently sitting at #7.
Since the start of this year, Solana has made a substantial price gain. Starting from $1.5 on January 1, 2021, SOL hit its all-time high of $102 on 30 August. In August alone, SOL spiked by more than 200%, which puts its market capitalization just shy of $30 billion – a 1% dominance on the entire cryptо market.
According to weekly fund flows reports, the main reason for Solana’s massive price gains is the jump in demand from institutional investors after the latest price surge.
“Solana, a competitor to Ethereum offering a flexible infrastructure and faster transaction settlement, saw the largest inflows of any digital asset last week totaling US$7.1 million,” CoinShares noted in its report.
It seems that SOL investment products attracted more cash inflows than Ethereum (ETH), Cardano (ADA), and Polkadot (DOT) during the third week of August, which directly correlates with the increase in the price of the world’s 8th largest digital currency, leading it to a record high.
Another positive outcome for SOL is Ethereum fees jumped 154% weekly. According to Etherscan, the average Ethereum fee spiked from $11 per transaction last week to the August 30 levels 0.0088 ETH per transaction, which is around $30.
Furthermore, DeFi and NFT see even more transaction costs increases, as Uniswap users reporting fees being upwards of $300 to even over $1K per interaction. NFT marketplaces like OpenSea also spiked in costs, reaching $1,600 per transaction.
Overall, the crypto market seems to be in a slight decline. The total market capitalization of the sector dropped to $2,03 trillion from a weekly high of $2,17 trillion. Daily trading volumes also declined – from around $111 billion on August 24, to a current level of $90 billion.
Bitcoin is down five percent weekly, with a current price point of $47,757.29 per BTC. The altcoin leader, Ethereum, is still above $3,000, trading at $3,171.72 per ETH, despite also recording a 5% price loss in the past seven days.
Ripple (XRP), alongside Polkadot (DOT), Litecoin (LTC), Uniswap (UNI), and Chainlink (LINK), are all in the double-digit losses area, with 11%-15% price decreases.
The only notable top-50 gainer is Tezos (XTZ), increasing 40% weekly, but losing 7% of its gains on August 30.
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