The Solana protocol SOL/USD has been specifically designed to facilitate decentralized application (dApp) creation. It aims to improve scalability through the introduction of a proof-of-history (PoH) consensus combined with underlying Proof-of-Stake (PoS).
Solana Developments as a catalyst for growth
On September 22, the Solana-Powered decentralized finance (DeFi) platform Orca raised $18 million in a Series A funding round.
This DEX platform announced that it had secured the funds in an investment round with Polychain, Placeholder, and Three Arrows co-loading the funding.
This is an investment intended to jumpstart their path towards making Orca the best swap for the Solana Ecosystem.
Additionally, they have $300 million in total value locked (TVL) onto the platform.
On September 23, the decentralized fund management and investment Protocol Solrise Finance and decentralized identity firm Civic technologies partnered up to launch the first Solana-based decentralized exchange with permissionless access.
This enables institutions to jump into decentralized finance (DeFi). This is due to the fact that normally, these institutional investors cannot really join due to the need to comply with regulations.
Through this permissionless DEX, a parallel ecosystem is achievable, which means that they can get access to DeFi while still meeting all of those requirements.
With all of this in mind, we can expect a heightened interest in the SOL token, which is Solana’s native cryptocurrency token, which has the potential to bring its value up high.
Should you invest in Solana (SOL)?
On September 24, Solana (SOL) had a value of $135.94.
To get a better perspective of what kind of value point this is for the token, we will be comparing it to it’s all-time high value as well as its performance in August.
In terms of SOL’s all-time high value, it was on September 9, where the token had a value of $213.47. Here, we can see that the token was $77.53 or 57% higher in value at its all-time high when compared to its value on September 24.
When it comes to August, the lowest point of SOL was on August 3, where the token had a value of $32.91.
The token’s highest point of value in August was on August 31 where it raised its value to $125.95. Here, we can see that the token increased its value by $93.04 or by 282% throughout the span of August.
With all of these developments within the Solana ecosystem in mind, we can expect the SOL token to increase its value to $183 by the end of September, making it a worthwhile investment before October.