SOL is one of the top-performing cryptocurrencies that outperformed Bitcoin and Ethereum over the weekend by a significant margin. Solana’s native token, SOL, created new highs over the weekend on the back of growing network adoption.
The SOL token peaked at $52.50 on the 16th of May, 2021, according to coinmarketcap, currently up 8.07% over the 24-hour trading cycle. This marked a new all-time high for SOL and at current values, Solana has a total market capitalization of $13.6 billion, placing it in the 16th spot on the crypto market cap rankings, according to coinmarketcap. SOL is currently trading $50.20 as of the time of this report.
Solana was vastly outperforming Bitcoin and Ethereum (ETH) over the weekend, as the two largest cryptocurrencies remained subdued following a major market meltdown caused by tweets from Elon Musk coupled with deteriorating investor sentiment. Bitcoin is currently down 8.42% trading at $44,775.95 and Ethereum is down 9.45% trading at $3,478.83, as of the time of this report.
Solana has quickly emerged as one of the most active blockchain networks in recent months. The network recently brought in $40 million in strategic investments through the Solana Foundation grants program to advance its protocols and decentralized applications. Over 50 market-ready projects have launched on Solana since March, with a large concentration of DeFi applications.
Demand for the SOL token is rising as more Solana-based projects issue airdrops to existing users. The hunt for cheaper Ethereum alternatives may also be the reason for the recent growth in Solana’s network activity. SOL is currently ranked #4 on the top platform tokens list, overtaking Ethereum Classic.