The Solana SOL/USD blockchain has started to see a lot of new implementations, use-cases and has become the go-to destination for a lot of projects due to its efficient throughput when compared to Ethereum.
Solana implementations as catalysts for growth
On June 24, we saw Digital Assets AG launch their stock tokens on the Solana Blockchain, and made them exclusively available through the cryptocurrency exchange FTX. This increased the overall usage of the blockchain and paved the way for many more stock tokens.
On July 12, the Australia-based blockchain company known as Power Ledger announced its migration to the Solana blockchain coming from Ethereum, due to the fact that the Solana blockchain offers higher speed alongside and scalability.
The company mentioned that Solana’s Proof-of-History (PoH) and Proof-of-Stake (PoS) mechanisms have lower energy output.
However, it is worth noting that the Power Ledger’s POWR tokens will still remain ERC20 tokens on the Ethereum blockchain and can be used for existing clients.
Nevertheless, this showcases huge interest within the Solana blockchain and as such, we can see increased activity and requirement of the SOL tokens, which will drive up their value.
On July 14, the Solana Wallet Phantom raised $9 million to go multi-chain. The team announced that the allocation of the capital will go towards growing the team, adding features and supporting new blockchains.
On July 15, ClayStack raised $5.2 million in seed funding, out of which one of the participants was the Solana Foundation.
All of this signals an increased usage of the Solana blockchain specifically, and with an increase in demand for SOL tokens, comes an increase in their value.
This could mark a worthwhile entry point for new investors, so let’s dive in.
Should you invest in Solana (SOL)?
On July 15, Solana (SOL) had a value of $28.
To put its growth into perspective, let’s analyze its value in June.
Solana (SOL) saw its maximum value of $43 on June 7. Solana (SOL) saw its lowest value of $22 on June 22.
In other words, if you bought SOL now at $28, and sold it at $43, you would be seeing an increase of 53%. This gives us some perspective as to how much the token has gone up in value, and how much it has fallen.
The Solana (SOL) token also saw its all-time high of $58 on May 18, which gives us yet another target to consider in the best-case scenario.
Given the fact that there are numerous projects out there taking advantage of Solana’s huge throughput potential, and companies are slowly transferring from Ethereum to Solana, we can definitely see an increase in trading volume and usage of the blockchain.
It also saw an increase in terms of trading volume by 35% within the last 24 hours. With this in mind, we could expect its value to rise to $37 by the end of August due to the increased demand for the SOL token as well as the increased trading volume.