The price of %Solana (CRYPTO: $SOL) is continuing to rise as other %Cryptocurrencies falter.
Solana’s price has gained nearly 3% over the past 24 hours and is currently trading at just under $175 U.S. even as most other cryptocurrencies suffer a sharp decline led by %Bitcoin (CRYPTO: $BTC), whose price has dropped nearly 10% to $67,800 U.S.
The outperformance continues a trend for Solana, whose price has increased 742% over the last 12 months, trouncing the gains seen in Bitcoin (up 178%) over the same period.
Sharing many of the same characteristics as %Ethereum (CRYPTO: $ETH), Solana is viewed by many crypto bulls as a leader in facilitating decentralized finance (DeFi) transactions.
Some analysts claim that Solana is superior to Ethereum due to the speed at which it can execute %DeFi. Solana can validate 50,000 transactions per second compared to just 13 transactions per second processed by Ethereum.
Last year, Solana’s developers launched “Solana Pay,” a direct transaction connection between merchants and consumers that can be used without an intermediary such as a bank and with zero fees.
Other major altcoins such as Ripple (XRP) and Avax (AVAX) have seen their prices pulled lower by 5% to 7% over the last 24 hours due to the slide in crypto prices.
While Solana has shown resilience, its price is currently about 30% below the all-time high it reached in November 2021 when the crypto market last peaked.