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    Solana (SOL): 31 March Price Digest

    Solana Price Digest: 31 March

    On Wednesday, most of the major altcoins continued to gain momentum, while BTC and ETH took a breather after the recent rally. Solana’s SOL dominated the market. The altcoin recorded an impressive gain of 12.74% over the past 24 hours, reaching  a multi-week high of $126.02. Early Thursday morning, March 31, SOL’s market capitalization hit $64,398,935,287.

    Despite trading at only $0.505 in May 2020, Solana managed to hit its current ATH of roughly $260 last November, as a result of the tremendous growth.

    The cryptocurrency has been aggressively gaining in value after South Korean video game developer Krafton signed a partnership with Solana Labs in March. According to the agreement, the companies will jointly develop games using blockchain technology, in particular NFT, as well as promote different projects and invest in them.

    Other game developers also use the Solana blockchain, which is gradually starting to compete with Ethereum. Recently, the leading blockchain-focused Grayscale fund invested 24% of its capital in Solana, which boosted SOL’s value.

    The latest news of the Solana project development also cannot but have a positive effect on the price dynamics of the token. In particular, the increase in the price of SOL, as well as the growing volume of NFT trading on the Solana network, can be attributed to the recent announcement by OpenSea, which is set to introduce support for the Solana ecosystem.

    On March 30, OpenSea released a video showcasing Solana-based non-fungible tokens on the platform. The exact date of integration is still unknown. OpenSea ranks second among the largest NFT platforms in terms of trading volume, leading in terms of the number of traders.

    On March 30, Opera added browser support for Solana. So far, Solana is only available in Opera for Android. Token support in the Crypto Browser Project will be implemented in the coming months.

    On March 31 it was also revealed that the creators of the interoperable zero-knowledge protocol LayerZero had raised $135 million in a private funding round. The main investors were large venture crypto funds Andreessen Horowitz, FTX Ventures and Sequoia Capital.

    The proceeds will be used to accelerate the development of LayerZero protocol, which is designed to connect different blockchains, allowing applications to transfer messages between chains. LayerZero supports Ethereum, Binance Smart Chain and other blockchains. Solana will be included in the list of supported blockchains in April.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.