Altcoin Solana more than tripled in price within a month. On August 30, 2021, the value of the coin reached a historical maximum ($101). The capitalization of Solana grew by more than 220%. The altcoin ranked eighth among cryptocurrencies by this indicator.
Reasons for the coin’s growth
Solana exchange rate began to actively grow since August 27. The reason for the growth of the coin’s price was the notification of developers about the appearance of a new option “Ignition” in the altcoin blockchain.
Solana overtook Ethereum in terms of profitability, the price of which rose by 37% during the month. Altcoin has attracted the attention of investors due to the increased speed of transactions and relatively low commissions. Solana’s blockchain financing exceeded $310 million in August, making it attractive for creating new DeFi projects.
Experts believe that now is not the best time to invest large amounts in Solana, because the news has outlived its usefulness, and in the near future the value of the coin is unlikely to grow rapidly. Experts recommend traders to wait for correction or to invest in this cryptocurrency a little bit every week to minimize risks.