A high-flying Solana (SOL) refused to land even in the face of a brutal sell-off in the cryptocurrency market on Tuesday. Two days later, the price of SOL rebounded to another new all-time high.
The SOL/USD exchange rate averted a big pullback over the previous 48 hours and reached $217 for the first time in history.
The pair’s ability to sustain bearish pressure underscored investors’ growing interest in Solana’s blockchain as an emerging rival to Ethereum, a public ledger currently leading the decentralized finance (DeFi) and nonfungible token (NFT) sector boom.
SOL/USD daily price chart. Source: TradingView.com
“The SOL outperformance in the market recently is more or less the continuation of its growth run in recent times,” said Peter Kozyakov, co-founder and CEO at payment service firm Mercuryo.
“With more than two different NFT project launches and minting going on in the ecosystem per day, there is an unending demand for SOL from retail buyers. As a result, it has kept the price up