The SOL token peaked at $52.42 on Sunday, according to TradingView, having gained 24% over the 24-hour buying and selling cycle. That marked a brand new all-time excessive for SOL and the primary definitive break above the psychological $50 degree. As Cointelegraph beforehand reported, Solana rallied to a high of $49.99 on May 2 earlier than dropping a few of its momentum. The $50 goal had remained elusive over the earlier two weeks.
On the time of publication, SOL was buying and selling above $51.00.
At present values, Solana has a complete market capitalization of $13.9 billion, inserting it in fifteenth spot on the crypto market cap rankings, in accordance with Coingecko.
Solana was vastly outperforming Bitcoin and Ethereum (ETH) on Sunday, as the 2 largest cryptocurrencies remained subdued following a serious market meltdown on the hands of Elon Musk coupled with deteriorating investor sentiment. SOL was up 24% in Bitcoin comparative and had gained 28% in opposition to ETH over the earlier 24 hours.
Bitcoin value was little modified on Sunday. Ethereum, in the meantime, was down 3.2%. The altcoin market was down over the 24-hour interval.
Solana has rapidly emerged as probably the most lively blockchain networks in latest months. The community recently brought in $40 million in strategic investments by means of the Solana Basis grants program to advance its protocols and decentralized purposes. Over 50 market-ready initiatives have launched on Solana since March, with a big focus of DeFi purposes.
As Cointelegraph beforehand reported, demand for the SOL token is rising as extra Solana-based initiatives challenge airdrops to current customers. The hunt for cheaper Ethereum alternate options has additionally been cited as a possible cause for the latest development in Solana’s community exercise.