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.