Solana (SOL) Price Approaches $250, Now Up Over 11,200% YTD

Solana (SOL) price is trading over 20% higher this week as buyers continue to march higher with practically no resistance.

The last time this digital coin closed in the red on a monthly basis was in May.

“Solana is a legitimate competitor to Ethereum, with lightning fast transactions at a fraction of the price. The rapid increase in value is largely a result of crypto gaming and successful NFT launches. Developers and projects have been building on Solana for years, which is manifesting in an explosion of price and adoption,” commented crypto analyst Scott Melker earlier.

A key advantage that Solana has is that transactions are relatively cheap. For instance, a miner who validates transactions on Solana charge much less than those for Ethereum (ETH).

“There is a lot of talk about it flipping Ethereum as its market cap and number of wallets continue to climb. I believe this user growth will continue as mobile wallets are released from companies like Phantom. This continued adoption from the public along with a strong technical breakout is the reason I believe Solana is making new all time highs,” Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, told Forbes.

Since the beginning of the year, the Solana price is up over 11,200% YTD to become the fourth largest cryptocurrency in the world with a market cap of more than $73 billion.

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