Why Is Ethereum Rival Solana Shooting Up Today?

Solana SOL/USD rose 7.22% to $175.26 over 24 hours leading up to early Thursday morning.

What’s Moving? The token of the blockchain project known for scalability and speed has fallen 8.19% over a seven-day trailing period.

Against larger coins Bitcoin BTC/USD and Ethereum ETH/USD, SOL rose 6.29% and 3.67%, respectively.

The Ethereum-rival cryptocurrency has shot up a whopping 9414.48% so far in 2021.

SOL touched an all-time high of $260.06 in early November. At press time, it traded 32.66% below that level.

In the last 30 days, SOL has fallen 22.69% and it has gained 18.41% in a 90-day time frame.

See Also: How To Buy Solana (SOL)

Why Is It Moving? SOL moved higher in tandem with other major coins as the global cryptocurrency market capitalization rose 2.1% to $2.24 trillion.

The Sam Bankman-Fried-backed coin was the third most mentioned cryptocurrency on Twitter at press time, as per Cointrendz. 

SOL attracted 1,167 tweets, while the two most mentioned coins — BTC and ETH — attracted 3,257 and 1,341 tweets, respectively. Solana was also seen trending on CoinMarketCap at press time.

Former Chicago Bulls player and six-time National Basketball Association champion Michael Jordan launched a Solana-based decentralized application or DApp to connect athletes and entertainers on Wednesday. The DApp is dubbed HEIR HEIR/USD and incorporates a non fungible token or NFT angle.

Solana has gained ground this year as the popularity of NFTs, decentralized finance or DeFi and DApps rose. This in turn led to congestion on the Ethereum network and escalated transaction fees on that blockchain. As a result, so-called "Ethereum killers" have enjoyed tremendous upward momentum.

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