TL;DR Breakdown:
- The price of Solana reached a new all-time high of over $64 early Monday, representing over 133 percent 30-day increase.
- SOL is currently the 11th largest crypto with over $17 billion market capitalization.
The native cryptocurrency of the Solana blockchain (SOL) is unarguably one of the undervalued digital currencies that isn’t receiving mainstream attention yet. SOL has been printing gains since the cryptocurrency market began to recover from the mid-April crash. Today, SOL reached a new all-time high of over $64.48, according to data from CoinMarketCap.
With a current price of $61.31, SOL was up by over 31 percent over the past 24 hours, at press time. In the last 30 days, SOL gained a whopping 133 percent, which is double the previous price in July.
SOL becomes 11th largest crypto
As of August 1, Solana was ranked the 15th largest digital currency with a market capitalization of $9.3 billion. At the moment, all SOL in circulation is worth over $17 billion, making the crypto the 11th largest coin, according to CoinMarketCap ranking. There are only 286,294,944 SOL in circulation.
Meanwhile, SOL briefly surpassed Uniswap (UNI) and Chainlink (LINK), taking over 10th place just as the price climbed to the new all-time high of $64 per coin. There is a likelihood SOL might do more numbers as the bull market is sustained and get stronger over time.
Solana Ecosystem Keeps Expanding
Similar to Ethereum, Solana is a blockchain network that allows the development of applications. However, its scalability and high throughput property give it an edge over Ethereum and other blockchains. Backed by FTX, the network has been gained lots of traction in recent months, especially since the congestion issue on Ethereum early this year.
There are now more users and developers building projects on the network, which lead up to sentiments that Solana might become the biggest rival to Ethereum. About $1.9 billion worth of assets has been locked on Solana DeFi so far.
