Solana, which is often referred to as an "Ethereum killer", continues to gain momentum. Institutional interest in this cryptocurrency remains high. Solana continues its bullish momentum. It even managed to outperform Ripple this week.
Setting aside market correction, the cryptocurrency hit its record high last week and traded at $213. It was also in the top 10 of CoinMarketCap in August.
The Ethereum network and its applications can be too expensive for the average investor. Therefore, many institutionalists are becoming increasingly interested in Solana.
The cryptocurrency provides up to 50,000 transactions per second, which is a phenomenal speed for the network, as well as extremely low transaction fees that other blockchains cannot offer.
Many analysts say Solana is more centralized than Ethereum, and the demand for it, as well as rumors that the cryptocurrency could challenge Ethereum, attract the attention of institutional investors even more. At the beginning of this year, not many people knew about Solana, but that changed quickly.
Solana sponsored the Lollapalooza music festival this year. Various celebrities such as Mike Tyson have also mentioned this cryptocurrency. Solana is no longer the black horse of the crypto market. As long as digital currency is in demand, it has a trump card.
FTX CEO Sam Bankman-Fried is confident that demand for Solana from institutional investors is just beginning, and its network has the most generous bonuses and benefits.
Recently, Cardano released a new Alonzo Purple update, and also activated smart-contracts functionality in its network. So, now the platform is becoming a great catch for decentralized applications and finance.
