Solana updates 7-month high

Cryptocurrency Solana SOL $225.16 Binance-Peg SOL 2.26% Market capitalization $0.25 billion VOL. 24 hours $0.9 billion has once again shown better results than its main competitors. On Wed. september 10, its price was rising to $ 225, the highest level in the last seven months. Over the month, Solana gained more than 27%, outperforming Bitcoin BTC $114,030.00 Mezo Wrapped BTC 1.46% Market capitalization $42.25 million VOL. 24 hours $1.81 billion and Ethereum ETH $4,416.25 Bridged Ether (StarkGate) 2.40% Market capitalization $0.1 billion VOL. 24 hours $2.34 billion in terms of profitability. At the same time, open interest in the coin grew by 4% to a record $ 15.42 billion, indicating strong demand in the derivatives segment.

Bitwise Chief Investment Officer Matt Hogan predicts «epic growth» for Solana at the end of the year. Among the key factors, he named the possible launch of exchange-traded funds (ETFs) based on SOL and the growth of corporate treasury investments in this asset. «All the ingredients for a big breakthrough in Solana are already in place,» he said in a note to clients.

In particular, Grayscale, 21Shares, and Fidelity have filed applications with the SEC to create spot ETFs on Solana, which are expected to be decided by October 10. An additional signal was the news of $ 1.65 billion raised by Forward Industries, Inc. in a private placement to form the first Solana-based sovereign wealth fund.

Hogan also emphasized the strong fundamental characteristics of the network, positioning it as a competitor to Ethereum. According to him, Solana can process significantly more transactions per second than Ethereum, with a minimal cost (<$ 0.01) and fast confirmation.