Bitcoin
BTC$26 909.29

-0.86%

Ethereum
ETH$1 860.75

-0.46%

Tether
USDT$1.000420

0.02%

Binance Coin
BNB$304.46

-0.81%

USD Coin
USDC$1.000252

0.04%

XRP
XRP$0.504162

0.03%

SOL price nears $200 after FTX's Solana-enabled NFT marketplace goes live


07 Sep 2021

#Solana

The latest bout of buying has pushed SOL/USD's quarter-to-date gains up by more than 450%. Solana (SOL) bulls have largely ignored its overvaluation risks as the blockchain asset goes after another milestone price level. The SOL/USD exchange rate almost reached $200 on Sept. 7 as investors continued to treat Solana as a long-term competitor to Ethereum, the world's leading smart contracts platform. More bullish evidence came on Monday after Sam Bankman-Fried (SBF), the CEO of crypto derivatives platform FTX, announced Solana's integration into their upcoming nonfungible token (NFT) marketplace.

On Sept. 6, SBF revealed that the new marketplace would enable NFT creators and owners to trade their digital arts cross-chain using Solana and Ethereum. The platform would also make it possible to trade NFT collections from rivaling marketplace OpenSea on FTX.

The NFT marketplace went live on Monday and is hosted by FTX.US, a United States-regulated cryptocurrency exchange backed by FTX. That enables U.S. users to mint and trade NFTs via FTX.

NFT boom behind Solana rally

NFTs exist on blockchains, the public ledger technology that keeps track of who owns the digital assets. Therefore, performing tasks such as minting an NFT token or processing a digital asset transactions entail a fee. Most NFT-related transactions take place on Ethereum; it happens even as the network issues suffer from higher congestion and inflated gas fees issues. Data fetched by EtherScan shows that Ethereum's gas fees reached their highest levels since May last week.

“As NFT activity commands ecosystem attention, gas prices have risen to daily levels that price out many retail traders,” Luke Posey, a researcher at blockchain analytics firm Glassnode, wrote in a note Wednesday. 

Solana's public base-layer blockchain protocol proposes to do away with Ethereum's performance bottlenecks. In addition, its lowered gas fees prospects have made it an emerging player in the NFT industry, backed by the launch of dedicated digital collectibles marketplaces such as Solanart, DigitalEyes, and its integration into music streaming platform Audius. Major players in the crypto space have recognized Solana's potential against Ethereum. In June, SBF-backed Alameda Research led a $314 million funding round for Solana backed by venture capital firm Andreessen Horowitz, Polychain Capital and CoinShares.

SOL to $500?

Greg Waisman, co-founder and COO at payment network Mercuryo envisioned exponential growth for the Solana ecosystem based on its growing adoption among the decentralized finance (DeFi) and NFT space. He  Solana's boom appears similar to Ethereum and Binance Smart Chain, adding that it would boost SOL/USD exchange rate to as high as $500 in the second half of 2021. Excerpts from his statement:

"Solana is potentially a $500 digital coin, and the price growth of Solana in recent times points to the capacity of the token to receive enough boost to hit this mark before the end of H2 2021."

On the flip side, analysts at JPMorgan & Chase warned clients about overvaluation risks in the altcoin and NFT space, stating that the recent rally is "more likely to be a reflection of froth and retail investor ‘mania’ rather than a reflection of a structural uptrend.” On Tuesday, SOL/USD's quarter-to-date returns reached a little over 450% as it established its all-time high at $196.78. Since then, the pair has already pulled back as traders take profits. 


Related

The third wave of a crypto bear market
The third wave of a crypto bear market
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana and Moonbirds help NFT market reach $6.3B monthly trading volume
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana NFT sales pass $1.6B, wash trading on LooksRare and more
Solana jumps past key selloff junction: SOL price eyes $150 in April
Solana jumps past key selloff junction: SOL price eyes $150 in April
Coinbase Wallet adds support for Solana
Coinbase Wallet adds support for Solana
Solana-based Zebec Protocol closes $15M Series A round
Solana-based Zebec Protocol closes $15M Series A round
Reasons why Solana (SOL) price could see additional upside in 2022
Reasons why Solana (SOL) price could see additional upside in 2022
Solana network outages show work still needed
Solana network outages show work still needed

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 91.2% 10 $26 909.29 -0.86% 2.64% $521 762 781 363 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94.4% 5 $1 860.75 -0.46% 4.26% $223 747 212 959 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000420 0.02% 0.05% $83 257 322 855 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 95.6% 1 $304.46 -0.81% -0.21% $47 452 043 680 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000252 0.04% 0.02% $28 886 516 964 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 76.8% 37 $0.504162 0.03% 12.53% $26 208 072 378 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 90% 10 $0.363100 -3.09% 1.49% $12 666 261 005 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 84.8% 17 $0.071627 0.22% 1.85% $9 998 019 293 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 81.2% 35 $0.892154 0.39% 1.50% $8 278 715 292 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 79.6% 29 $20.65 -0.37% 7.13% $8 189 640 134 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 81.2% 37 $0.074779 -0.81% -3.05% $7 603 269 311 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 80.4% 37 $92.96 3.94% 10.15% $6 790 470 965 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 81.6% 35 $0.074543 -1.38% -3.19% $6 725 556 753 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90% 10 $5.23 -1.79% -0.56% $6 222 851 370 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.