19 September 2021
Famous Crypto trader Lark Davis has listed five fundamental factors that may have triggered the meteoric rise of Solana (SOL).
Davis tells his 427,000 YouTube fans that SOL is skyrocketing as developers are building on its blockchain in a new video.
Davis also claims the rise of non-fungible tokens (NFTs) as the contributing factor for the growth of Solana. “NFT has been a massive trend recently. Solana’s got a lot of NFTs, too. That’s been part of what has been driving the demand: to get the main Solana asset, the SOL token because people want to go and buy NFTs on Solana, which are priced in Solana.”
Further, Davis refers to Solana’s financial situation as another factor fueling the token’s rise. In June, the company has also raised over $314 million to bolster its decentralized finance (DeFi) ecosystem.
He also pointed out that the growing interest of financial institutions in Solana. “Institutional money is starting to take a interest in Solana. Osprey, they announced a Solana fund two weeks ago. They are far from the only big-money players piling into Solana right now.”
Lastly, Davis referred to the total value locked (TVL) in Solana’s ecosystem, which has soared to over $5 billion. The Crypto trader anticipates that Solana’s TVL will continue to grow as market participants seek to provide liquidity and generate yields without paying hundreds of dollars worth of transaction fees.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.