Solana rally mimicking Ethereum A $500 target price for SOL could be considered ‘conservative’

Despite the fact that the overall crypto market lost more than $200 billion, the sixth-largest cryptocurrency in market cap is still one of the top performers.
Even in the face of a severe sell-off in cryptocurrency markets on Tuesday, Solana (SOL), refused to land. The price of SOL recovered to a new all-time high two days later. It reached $217 for first time in history. The pair’s ability not to succumb to bearish pressure highlighted investors’ growing interest Solana’s blockchain, which is currently leading the decentralized finance and nonfungible token (NFT sector booms). Source: TradingView.com Peter Kozyakov (co-founder and CEO of Mercuryo payment service company) said that the SOL’s recent outperformance in the market is more or less a continuation of its growth run in the recent times. Retail buyers are in constant demand for SOL, as there are more than two NFT projects being launched and minting every day. It has maintained the price at more than 50% despite a market crash. “In details, Solana hosted August 15’s launch of the NFT Degenerate ape Academy. It featured a collection featuring 10,000 cartoon apes. They sold out in 8 minutes and cost 96,000 SOL, or $5.9 million. Solana continued its exploration into NFT space by enabling a FTX-backed digital collectors marketplace earlier this week. FTX, a cryptocurrency derivatives platform, announced that their new NFT venture would allow NFT creators and owners cross-chain to trade their digital arts using Solana or Ethereum. After a sudden sell-off on Tuesday, the cryptocurrency market saw its valuation drop by more than $200 billion. The leading digital asset by market cap, Bitcoin (BTC), saw its prices plunge from over $52,000 to almost $42,000 within minutes, which analysts largely blame on cascading long liquidations.Alternative cryptocurrencies (altcoins), which more or less tail the Bitcoin trend, dropped in tandem, with the second-largest Ether plunging by up to 23.41% and its runner-up–another smart contract rival–Cardano (ADA) dropping by 30.89%.Solana’s top rivals Ethereum and Cardano price performance. Source: TradingView.comHowever, Solana was an exception in the sea of red. The SOL/USD fluctuated between gains and losses and closed the day 5.45% higher. However, Solana was an exception in the sea of red. At the same time, the total value locked inside Solana-based DeFi projects has crossed $7.81 billion, per data provided by SolanaProject.com.Greg Waisman, co-founder, and chief operating officer at Mercuryo, told Cointelegraph that he anticipates SOL to reach $500 by the end of 2021. He said that Solana’s growth seems to be similar to that of Ethereum (ETH), Binance Coin (BNB), so the $500 projection might be conservative for the coin. The views and opinions expressed in this article are solely the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your own research before making any investment or trading decision.

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