Solana Hits New All-Time High Of $247, Up 15,000% Year-To-Date

Solana SOL/USD rallied to a new all-time high of $247 on Thursday to become the fourth-largest cryptocurrency by market cap.

What Happened: The cryptocurrency has surged by 30% in the last seven days and now boasts a market cap of $71 billion, exceeding popular altcoin Cardano ADA/USD.

Often pegged an Ethereum ETH/USD killer because of its high-speed, low-cost transactions, Solana has gained an impressive 15,000% year-to-date.

Meanwhile, its competitor Ethereum also hit a fresh all-time high of $4,664 earlier today.

Is Solana (SOL) a Good Investment?

“Solana tends to experience rallies whenever Ethereum does because with rising ETH prices come rising transaction fees, known as gas,” Jason Lau, COO of cryptocurrency exchange OKCoin, told Forbes.

Lau pointed out the average Ethereum transaction fee is up more than 2000% since June.

“As a result, retail investors are turning to alternatives like SOL, which are faster and cheaper to transact, for smart contract payments while an increasing amount of NFTs are being minted on Solana's network,” he added.

According to data from CryptoSlam, secondary sales of Solana NFTs have crossed $500 million in just three months.

“While Solana displays promising metrics in unique addresses (buyers and sellers) and a lower average NFT sale price, Ethereum still dwarfs Solana in total NFT secondary volumes,” stated Messari analyst Mason Nystrom on Twitter.

SOL Price Action: Solana was trading at $241.46 Thursday afternoon.

Photo by Fakurian Design on Unsplash.