The overall cryptocurrency market is trading bearish, with Bitcoin losing 2.06 percent and Ethereum losing approximately 5.87 percent, and Cardano price dropping to $2.42. Traders are hoping the technical charts will recover during the weekend. while the rest of the pack seems to be stuck Solana (SOL ) and Terra (LUNA) surged high.
The price of Solana has risen sharply, breaking into the top six cryptocurrencies. In the last month or two, SOL Price has snatched the crypto spotlight with a market capitalization of $21.1 billion.
Developers from the decentralised finance (DeFi) and non-fungible token (NFTs) communities have flocked to Solana to take advantage of the blockchain’s quick block times and low transaction costs.
The price of Solana increased by another 20%, breaking beyond $200 and setting a new all-time high. SOL had a strong 43 percent price increase this week, reaching a new all-time high of $216. On Monday, the coin began to rise from $140 to break through $160. SOL fell as low as $130 on Tuesday, but immediately recovered and closed the day candle at $170. At the time of writing Solana is trading at $180.
Solana has the potential to be an Ethereum killer if properly deployed, with throughput reaching web scales and the possibility to improve DeFi.
TERRA ( LUNA )
While the cryptocurrency market, including Bitcoin, is in free fall, the LUNA Price has gained more than 26.2% in the last 24 hours and is presently trading at $41, making Terra one of the top gainers. After dipping below important support at $25 the day before, the token gained traction and climbed back to the $30 level and has also breached the $40 level today morning.
Terra is upgrading Columbus 5 in a big way. Terra, like other cryptocurrency platforms, is striving to improve and accelerate. These enhancements will make token switching easier, which is the ecosystem’s main purpose. Token burning will be possible with this update. As a result, each LUNA token becomes more valuable.
Terra’s form of decentralized finance, “TeFi,” will be added to the blockchain as part of the upgrade. The upgrade is scheduled for September 30th, according to Terra’s Twitter account.