Solana price (SOL) renewed its record high levels in the market on Wednesday morning (3). After appreciating more than 12% in the last 24 hours, the price of SOL broke out the level of US$ 235, through the pair SOL/USD.
Now, the new record high of Solana is US$ 235.02 on the market. But just after rising almost US$ 25 in just one day, SOL has experienced a minor correction and is currently quoted at around US$ 225.
With a new record high, Solana also won a new place in ranking the largest cryptoassets by capitalization. According to data from CoinMarketCap, while renewing its highest price SOL surpassed Cardano in capitalization and was classified as the fifth most valuable digital currency on the market.
Valued at nearly US$ 67 billion, Solana is considered one of the largest cryptoassets on the market. In the last 24 hours alone, more than US$ 5 billion in SOL has been traded.
Solana’s price sets record (Reproduction/CoinMarketCap)
Considered a rival to Ethereum, Solana has accumulated almost 20% appreciation in the last seven days. Solana is gaining ground in the crypto market with more competitive fees, offering resources for the DeFi and fungible tokens (NFTs) market.
Cryptoassets that offer an integration with the Ethereum network ecosystem are facing a significant valuation in the market. Since June 2021, the Ethereum network fee has risen by 2,300%.
Like SOL, other altcoins have recently seen a significant price increase, such as Loopring (LRC). As CoinDesk pointed out, this altcoin has been up 40% in the last 24 hours.
Loopring works as an extra layer of smart contract execution that operates through the Ethereum network but based on decentralized exchanges (DEX).
Tired of high fees on the Ethereum network, users are opting for networks like Solana and Loopring. According to rumors of LRC’s rise in the market, Loopring may enter into a partnership with GameStop’s video game store.