With the debut of the DeFi project and $70 million in DEX investment, the price of Solana has reached new highs

On Monday, SOL, the native asset of the Solana blockchain, hit a new all-time high. After traders reviewed a flurry of infrastructural advancements in the Solana ecosystem, including a recent $70-million crowdfund to support its blockchain-powered decentralized exchange, Mango Markets, the SOL/USD exchange rate jumped by 26.12% to $65.467 on the Binance platform.

Upgrades to the Solana ecosphere

Mango is a platform that allows users to trade spot markets, lend money, and invest in perpetual futures. It gets its liquidity via its own pools and Serum, a Solana blockchain-based exchange financed by billionaire Sam Bankman-FTX. Fried's

Other successful Ethereum-based decentralized exchanges like Uniswap and SushiSwap have a similar operating model. The debut of Wormhole, a communication protocol between Solana and other prominent decentralized financial projects like Terra, Ethereum, and Binance Smart Chain, on Aug. 9 was another positive development, as was the SOL-powered weekend sale of the Degenerate Ape Project's 10,000 nonfungible tokens (NFT).

Market analyst Pentoshi tweeted on the NFT sale on Solana marketplace Solanart, saying, "The very first day has already had over 200k SOL sold not even 24 hours in."

“On SOL, there aren't many noteworthy NFT projects, if any at all, but what happens once the market shifts? Prices for SOL will rise to new highs because to increased demand, and the trend suggests that price discovery is imminent.”

Influence of the crypto market

As increases in the most popular cryptocurrencies paused, the latest bull run in the Solana market appeared. Bitcoin (BTC) and Ether (ETH) both came to a halt in the middle of their uptrends due to overvaluation concerns, with their relative strength index (RSI) indicators reporting readings above 70, indicating that traders believe these assets are overbought.

Meanwhile, in the wake of Bitcoin and Ether's flat price action, alternative cryptocurrencies regained their upward impetus.


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