Why solana cryptocurrency surging?

Anyone who has lately been following the charts would have seen that Solana (SOL) has been on an outstanding upswing. The value of the digital asset increased from its previous price range of $88 to once again break the $100 barrier. Although the market, particularly Solana investors, welcomes this trend, we examine the causes of this rally.

Why is Solana being pushed?

The Solana blockchain has established itself as a strong candidate for the top blockchains in the industry. It soon recovered in value to rank among the top ten cryptocurrencies by market cap after taking the decentralised finance (DeFi) sector by storm. Even though this growth has been tremendous, it has encountered obstacles since it moved with the market throughout the current downturn.

But now, Solana has started to emerge from this sluggish spiel. Its high value has mostly been driven by the network’s expansion and usefulness, and this is still the case.

The industry was recently rocked by Krafton, the creator of the massively popular PUBG Series, announcing that it has partnered with Solana to develop blockchain and NFT games. This gaming firm intends to create blockchain-based games, all of which will run on the Solana blockchain.

As part of the mutually agreed-upon deal, Krafton, a South Korean company, obtained formal rights from the network to produce these games. combining the speed and convenience of blockchain technology with the participatory character of Krafton games.

SOL Price Is Increasing

Solana’s pricing swiftly reacted to the cooperation announcement once it was first reported. Within a few hours, the digital asset burst above the high $80 zone and reached over $103. The price of the Bitcoin finally reached a high of $104 before crashing back down, and this surge would last into Friday.

However, Solana has received excellent news as a result of the surge. As the price of the digital asset rises beyond its 50-day moving average, opinions of the smart contract platform are starting to change.

After a brief fall, SOL is still trading at little over $98 as of the time of writing. For the cryptocurrency, short-term indicators are optimistic. To enter another bull trend, it still has to overcome resistance at $105 in price.

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