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Solana cryptocurrency: Here’s why the Ethereum competitor is surging

One of the biggest movers on the cryptocurrency market in the past 24 hours is Solana. As of the time of this writing, Solana is up almost 20% over the past day, according to Coinbase. In the past week, it’s up over 58%, and in the past month, it’s up 275%. As for the past year, Solana has surged over 2,348%.

But just what is Solana and why is it on fire right now? Here’s what you need to know.

  • What is Solana? Solana is a decentralized blockchain platform. It facilitates the transactions of the SOL coin as well as digital assets like non-fungible tokens (NFTs).
  • Is Solana a bitcoin competitor? Sure, because it’s another cryptocurrency. But it’s more apt to liken Solana to Ethereum since both are blockchain platforms that handle smart contracts.
  • What is Solana’s current price? As of the time of this writing, Solana is worth over $120 per coin.

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