DeFi Play Solana Keeps Hitting Fresh All-Time Highs: Is There Still Time To Buy In?

Solana SOL/USD  was soaring in the late hours of Monday as it touched a fresh all-time high of $74.44.

What’s Moving? SOL shot up 30.36% higher over 24 hours at $72.97. Over a seven-day trailing period, the cryptocurrency has risen 80.52%.

See Also: How To Buy Solana (SOL)

Against Bitcoin BTC/USD and Ethereum ETH/USD, SOL traded 36.22% and 36.84%, respectively. 

Over the last 30 days, the token of the high-performance blockchain focused on decentralized finance or DeFi has gained 169.34%.

Since the year began, SOL has skyrocketed 3,910.55%.

Why Is It Moving? SOL remains the most mentioned coin on Twitter Inc’s TWTR platform at press time attracting 7,621 tweets, which was 2,263 tweets more than BTC, the second-most mentioned coin.

The Sam Bankman-Fried-backed coin also trended on CoinMarketCap and Coingecko along with attracting high interest from investors on social media, as per Stocktwits.

SOL has a relative strength index of 88.28 against stablecoin Tether USDT/USD, as per data from Trading View, with the cryptocurrency trading well above 30-day and 200-day simple and exponential moving averages.

The Wormhole network, originally conceived as a bi-directional bridge between Ethereum and Solana, launched its mainnet over the weekend.

See Also: EXCLUSIVE: Solana Says Scaling As 'One Global State' Sets It Apart From Ethereum, Polkadot, Other Rivals

Wormhole said its project has since evolved and found use cases such as non fungible tokens or NFTs, oracle market data, governance, voting and more.

On the wormhole development, Denis Vinokourov, head of research at Synergia Capital, said, “The need for [a] scalable network is needed right now, as opposed to years away as is the case for Ethereum given its much needed undergoing transition to PoS [Proof of Stake],” reported CoinDesk.

It is notable that decentralized finance or DeFi tokens like Terra (CRYPTO: Luna) and Solana have largely shrugged off the negative news surrounding the $611 million Poly Network hacking and continued to move higher.

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