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Why Solana Is Moving Higher Right Now

By Travis Hoium – Dec 16, 2021 at 4:29PM

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Michael Jordan has made his way to the cryptocurrency's platform.

What happened

The value of cryptocurrency Solana (SOL 3.05%) continues to move higher on Thursday afternoon, although the momentum that started yesterday has slowed some. Solana popped on news of a $150 million gaming fund, and as of 3:40 p.m. ET, is up 1.9% in the past 24 hours after being up as much as 4.7% in that time. 

So what

Solana had a big day on Thursday with the announcement of a non-fungible token (NFT) from former first lady Melania Trump and, later in the day, word of a new app from Michael Jordan on the platform. The basketball legend and his son Jeffrey have announced the Heir app, which aims to connect athletes with supporters.

Blocks saying NFT connected by digital lines.

Image source: Getty Images.

Early details outline "Huddles" where users can buy an NFT to get exclusive access to content from athletes. The app aims to empower athletes to own their relationship with supporters and monetize their cultural impact. 

Now what 

Solana is attracting some big-name projects that could bring more users and money onto the platform. The biggest projects in crypto are still on Ethereum, but I would argue that the most innovative projects are on Solana right now. If that continues, this cryptocurrency could extend its rise. 

The future will likely be volatile, but Solana's ecosystem is on a great path, and that makes me bullish on this cryptocurrency

Travis Hoium owns Ethereum and Solana. The Motley Fool owns and recommends Ethereum. The Motley Fool has a disclosure policy.

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