The price of Solana is technically in the red, but the coin has risen by over 450% in the past month. At 3:44pm Indian Standard Time (IST), the price of Solana was at around $164, whereas its price was in the $31-33 range just last month.
The token, which has many of the properties of Ethereum, is also seen as its primary competitor. In the past month, Solana’s rise has been attributed to growing adoption in the Decentralized Finance (DeFi) and non-fungible token (NFT) markets.
In fact, while Solana’s price has dropped in the past 24 to 48 hours, Coinmarketcap shows an over 45% increase in its seven day prices.