Solana (SOL) Breaks Into Top 4 Cryptocurrencies With $65B Market Cap
Solana (SOL) has been on an unstoppable rally, reaching an all-time high of $258.93 on November 7. The cryptocurrency has been fiercely competing with Cardano (ADA) for the #4 and #5 positions in market capitalization rankings, with SOL recently crossing the $65 billion threshold (as of November 24).
This surge in popularity coincides with:
- The NFT boom
- Growing institutional adoption
- DeFi ecosystem expansion
Since August alone, SOL has skyrocketed by over 800%. Notably, Solana's blockchain has processed more than $500 million in secondary NFT transactions during the past three months, establishing itself as a formidable player in the NFT ecosystem.
👉 Discover how Solana compares to Ethereum in transaction speeds
What Makes Solana Special?
Founded in 2017, Solana addresses the throughput limitations plaguing older blockchains like Bitcoin and Ethereum. Often dubbed the "Ethereum killer," Solana offers:
- 400ms block finality time
- Theoretical capacity for 710,000 TPS (standard network)
- Scalable architecture that grows with bandwidth
- Ultra-low transaction fees
The Evolution of Solana
Anatoly Yakovenko (former Dropbox engineer) co-founded Solana Labs with Greg Fitzgerald after working at Qualcomm. The platform launched its mainnet in March 2020 but gained significant traction in July 2020 when FTX chose Solana as the foundation for its Serum DEX—spearheaded by FTX CEO Sam Bankman-Fried (SBF).
Why Investors Are Bullish on Solana's Future
Solana's founder recently stated:
"The next phase is onboarding 1 billion users. Solana was built from the ground up to handle this scale. With recent funding, we're now partnering with top builders to create the necessary tools."
Key growth drivers include:
- Speed advantage: 50x faster than Ethereum
- Cost efficiency: Fractional transaction fees
- Ecosystem development: Frequent hackathons
- Institutional backing: Major players entering
👉 Learn about Solana staking opportunities
SOL Token Essentials
SOL serves as Solana's native currency, powering:
- Transaction execution
- Smart contract deployment
- Network participation
Technical Specifications (as of 11/24/2021):
| Metric | Value |
|---|---|
| Market Cap | $65.1B |
| Circulating Supply | 59.8% |
| Total Supply | 508M SOL |
Frequently Asked Questions
Q: Is Solana better than Ethereum?
A: While Solana outperforms Ethereum in speed and cost, Ethereum still dominates in decentralization and developer activity. Both serve different market needs.
Q: What makes Solana so fast?
A: Solana combines Proof-of-History with Proof-of-Stake, creating a highly efficient consensus mechanism that processes transactions in parallel.
Q: Where can I buy SOL?
A: SOL is available on major exchanges like OKX, Binance, and FTX. Always DYOR before investing.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry substantial risk—invest only what you can afford to lose.