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Solana (SOL/USD) tokens rose by 10% to $76.92 each over the past 24 hours. It seems there’s no end to Solana’s successes in sight. Degenerate Ape Academy, an NFT hub, was recently launched on the platform. Just a few days later, it had almost 1,700 users, who have transacted the NFT equivalent of 10 million US dollars.  

Back in April, Solana’s monthly returns grew by nearly 200%. Solana broke above an ascending price channel, setting the new ATH price as it surged past resistance at $40.  

“During the initial phase of the bull run, especially in the run up to May, we had already observed that during moments of downturn where even when Bitcoin was on the descent, Solana would chart green candles. For this reason, AAX made the decision to support the Solana ecosystem, list a range of top Solana-based tokens and organise discount campaigns around Solana,” said Ben Caselin, Head of Research and Strategy at AAX, adding: 

“Over the past few months, participants on the Solana chain resorted more to yield farming and we could see projects such as Step.Finance develop quickly, announcing new updates nearly every week. All this was clearly in anticipation of further price increases.” 

Solana has broken the top 10 of cryptocurrencies by market cap. The Solana Foundation is developing crypto options trading solutions using its architecture in partnership with Chainlink (LINK/USD). Price updates are received in as little as 0.4 seconds.

Progress isn’t going unnoticed. According to data of Bitrue Exchange, the number of users checking Solana trading pairs is up 800% compared to an average week. Trading volume and submitted orders are both up around 2-300%.

Solana has partnered with Tether (USDT/USD) to introduce stablecoins on its network. This will enable developers of decentralized app developers to use them. According to Ben Caselin, Solana’s strengths can be attributed to its fundamentals and the project’s wide community support, but also to its strong market makers and particularly the backing it enjoys from Alameda. He expects Solana’s market cap to continue increasing, even going head to head with Cardano (ADA/USD).

The post AAX to support ever-growing Solana, list tokens, and organise discount campaigns appeared first on Invezz.

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