Ethereum competitor Solana has just shot to a new all-time high. The beginning of a big rally?

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Comic Monkeys bring SOL to All-time high

The cryptocurrency Solana (SOL) has had a more than successful weekend. Due to a popular NFT project, the price of the coin has risen to fresh highs: SOL was able to gain 38% within the last 24 hours, compared to almost 61% for the week. Solana is now ranked 11th in the crypto top 50 according to Coinmarketcap.com. But what triggered the massive increase – and what’s next for SOL from here?

Almost vertically upwards: Solana’s 24h chart illustrates the massive push upwards. Source: Coinmarketcap.com

The main reason for the pump at the weekend was the launch of the NFT project” Degenerate Ape Academy ” on the Solana blockchain. NFTs are so-called non – fungible tokens-a sub-sector of the crypto industry that has gained enormous popularity over the past 12 months. When talking about NFTs, then mostly digital works of art or collectibles are meant. Currently, the largest NFT portals are still based on Ethereum-but Solana is catching up. This is demonstrated by the success of the “Degenerate Ape Academy”.

“Degenerate Ape Academy” is a collection of 10,000 unique images of … well: cartoon monkeys. They were launched on the Solana blockchain at the weekend – and sold out within a very short time. The rush to the project exceeded all expectations, taking the Solana course upwards.

As the team announced on Twitter, despite the bumpy start, the comic monkeys were out of print just eight minutes later. Almost 96,000 SOL were taken. This is almost $ 6 million ($5,952,000) based on the current price of $ 62.

More highs likely

The “Degenerate Ape Academy” happy about the launch:

“We sold out in 8 minutes. Holy shit. No, the launch was NOT smooth. He was beschxssen at best. We did A LOT wrong and the team was overwhelmed by the wave that hit us last week. It was exponentially larger than we thought. Monkey rage please in the comments“

Solana (to buy from eToro or Libertex) has more than doubled in value over the past four weeks, with SOL still at $ 26.37 on July 16 – and traders are confident that the Ethereum competitor will continue to have room for improvement.

The popular top trader “The Crypto Dog”, for example, currently writes to his more than 569,000 Twitter followers: SOL will “soon” reach a new all-time high. The current all-time high of $ 64.48 was reported Coinmarketcap.com true, just a few hours ago fixed. However, the pseudonymous trader expects that the SOL rally will continue from here.