The price of Solana (SOL) which was at US$108.28 or rocketed 17.79% in the last 24 hours on Tuesday (1/2/2022) led the movement or increase in the crypto market that day. As is known, the crypto market itself turned green on Tuesday, with Bitcoin prices rising by 4%, as data from CoinMarketCap on Tuesday (1/2/2022) at 21.00 WIB.
As for this price increase, Solana’s market is now capitalized to US$33.82 billion. This achievement even brought this one asset as the world’s largest cryptocurrency in seventh place.
CoinGape reports that the price of SOL has been pushed up after the announcement of Coinbase officially listing the Solana-based project token for the first time. In addition, Coinbase has also started accepting inbound transfers from two tokens in the Solana ecosystem, namely Bonfida and Orca.
“Inbound transfers for Bonfida (FIDA) and Orca (ORCA) are now available on @Coinbase and @CoinbaseExch in trading-enabled regions,” Coinbase wrote on Twitter.
For information, Orca and Bonfida are decentralized exchanges for Solana-based assets, including wrapped tokens. Apart from that, at the same time as Solana’s skyrocketing, Bitcoin also posted an increase of 4.21% and became US$38,860.87. Meanwhile, Ethereum soared 9.11% to US$2,792.76
Meanwhile, two other cryptocurrencies that are also big caps or the top 10, namely Terra and Polkadot were also picked up on the same day. Terra jumped 9.6% to US$51.94, while Polkadot was up 10.53% to US$19.65.
Furthermore, Dogecoin and Shiba Inu—a pair of meme-based cryptocurrencies—were up 2.68% to US$0.143 and 3.8% to US$0.00002173.
Getting to Know Solana (SOL)—Solana Price
Earning the nickname “Ethereum Killer”, Solana was initially predicted to be able to touch the ranks of the most prestigious crypto assets in the world, aka big cap. That’s because the transaction fees are much lower and the transaction speed is faster. However, what is the history of the creation of Solana?
It started in 2017 when a former Qualcomm senior staff engineer manager named Anatoly Yakovenko founded Solana as a layer one blockchain network that can implement smart contracts. This new network is also considered to be a solution to the problem of scaling Bitcoin and Ethereum.
Funds of around US $ 20 million were also achieved by Solana in the two years of its establishment. It happened in a Series A funding round led by Multicoin Capital. On the other hand, as a highly functional open source project in order to provide decentralized financial solutions (DeFi), Solana itself was officially launched in March 2020 by the Solana Foundation—with its head office in Geneva, Switzerland.
As for one of the possible catalysts for Solana’s strengthening or bullish momentum, namely funding from investors last June led by Andreessen Horowitz and Polychain. In the funding, Solana managed to raise $314 million and will be used to advance technology in the decentralized finance (DeFi) arena.
SOL price spikes are also predicted to occur after the announcement of the 4th Hackathon event on October 8 last year. This activity is targeted at developers whose projects are entered into competitions for a chance to win cash prizes and seed funding opportunities. This was then considered a positive step for Solana because it could help achieve wider technology adoption.
Regarding the popularity of non-fungible tokens (NFT) last year, Solana is slowly moving to try to capture this nascent market share. A new NFT project called Degenerate Ape Academy is a test of scalability in this regard as the entire collection of 10,000 monkeys was sold out in just 8 minutes.
This caused the SOL price to rise to US$53.70 on August 15—from trading at US$44.11 the previous day. The NFT Academy of Degenerating Apes is the dominant force in the sale of NFT Solana, as reports from Solana Market NFT Solanart, which tracks sales of NFT collections. The collection already amassed a volume of 765,000 SOL tokens, or about $122 million at the current price.
In fact, according to Hinge’s former head of marketing for dating app, Nathan Ross, in a tweet on Twitter, Solana is considered more suitable for NFT because it is faster, cheaper, and easier than Ethereum.
How to Buy and Price Solana on INDODAX
Since November 11, 2021, the crypto asset Solana (SOL) has been listed on INDODAX., If you want to buy it, please follow these steps:
- For those of you who are not yet a member, please click the following link
- Then, make a deposit. For those of you who are confused about how to deposit, follow the steps on this link
- If you have deposited and your balance is in, you can return to the market
- Look for SOL in the Rupiah market, then click
- After logging in, you just have to buy by filling in your balance and at what price you want to buy SOL. You can buy it instantly or directly at the current price
- Next, you need to patiently wait for the price to increase for some time
- After the price increases, you can sell at a higher price with the instant method
- If you sell with the limit method, you can place orders after buying. Make sure you enter a higher number when selling.
So, to find out the latest or latest Solana (SOL/IDR) prices on INDODAX, you can visit the following link.
