Heightened volatility in Solana Crypto sends shiver down the spine of traders!

Cryptocurrency has once again become the talk of the town and there are numerous reasons for this; the prime one being the kind of volatility that we have witnessed in the last couple of days. Most importantly, there is one name among the cryptocurrency group, which has become quite popular lately and that is Solana.   

Solana is the fastest blockchain in the world and also, the fastest-growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3, and more. Wondering why Solana has come into the limelight all of a sudden?   

Interestingly, as of August 9, 2021, Solana market cap was just a little over USD 10 billion; however, fast-forward to September, its market cap jumped over USD 50 billion. Furthermore, it was quoting around USD 37.72 on August 9, 2021, and soared to USD 187.21 in almost a one-month time frame.   

Solana, after ascending in the last month, have faced ripples of high volatility. The 24-hour range of this crypto testifies this is, as 24-hour low and high stand at USD 133.10 and USD 179.89, respectively. Currently, the market cap of Solana stands at USD 46.51 billion. Solana is down by 15.95 per cent in the last 24 hours. The current CoinMarketCap ranking is 7 for Solana.   

The volatility observed in Solana reminds me of the famous quote by American investor, Seth Klarman, “The stock is the story of cycles and of the human behaviour that is responsible for overreactions in both directions.”