Solana (SOL) Is Bullish Since the Past Week

Solana (SOL), a highly functional open-source project, has been bullish since the past week. The SOL price keeps surging since last week, hitting new all-time highs.

On August 22, Solana was trading at around $74.74. Moreover, the SOL price surged from $74 to over $97 in the last 7 days. Today, Solana is trading above $95 at press time, according to CoinGecko.

As the price keeps rising, the crypto community has only one question in mind regarding the SOL price. Many crypto experts credited this jump to many factors. Some Said that it is because the U.S. securities regulator registered a Solana-centric fund for institutional investors. And also real-time data feeder Pyth said it is going live on the Solana blockchain.

Further, it seems institutional investors also have found Solana to be their favorite this week. Solana took up one-third of total cash inflows to crypto assets for the week between August 15 and August 20.

In addition, this price rally gave Solana the pace to overtake USD Coin (USDC) and Polkadot and become the 8th largest crypto by market cap. The open-source protocol that banks on blockchain technology’s permissionless nature to provide DeFi solutions is currently threatening Dogecoin for the 7th largest cryptos as it keeps surging.

Note that Solana Foundation with headquarters in Geneva, Switzerland launched Solana in March 2020. More so, the Solana protocol is designed to facilitate DApp creation.

Also, it aims to improve scalability. It will do so through proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.