The native cryptocurrency of the Solana Blockchain (SOL) has reached a new all-time high ($218), superseding Ripple (XRP) at #6 in market capitalization. The new record comes amidst a crypto bull run in which Solana has been especially successful.
Last week, Solana almost painted a fresh all-time high but came to a few dollars short before retracing back. This happened very shortly after Bitcoin had marked a new all-time high.
Ranked at #6, its market cap also touched a higher high of $65.7 billion. Just $4 billion short of Cardano, the number 5.
What pushed Solana to its ATH?
Many analysts have different bullish factors which pushed SOL to its ATH on this many fronts. One is that the token is a legitimate and regular participant in the NFT market. Moreover, Solana can provide what Ethereum “has been promising” literally for years i.e. low transaction fees, greater scalability, etc.
SOL offers very fast execution with fees less than $0.01. This enhanced with a very active development community lays out the path of success.
And the percentage growth of Solana on any front, may it be TVL, Twitter mentions, community size, is exponentially above in magnitude than that of ETH.
The platform has a unique value proposition, which creates solid competition for Ethereum and other L1 blockchains on which projects can build DeFi solutions.Konstantin Anissimov, Executive Director at CEX.IO
Anissimov also commented on the observation that the sol token followed bitcoin higher, emphasizing that “top cryptocurrencies” usually display this kind of correlation with the world’s most prominent digital currency.