Solana Sets New All-Time High After Move Into NFTs

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Updated: Aug 30, 2021, 14:58 GMT+00:00

Solana (SOL) has touched a new all-time high of $100 thanks to the increased interest from institutional investors generated by its entry into the NFT and DeFi spaces.

Solana SOL token symbol in digital circle with cryptocurrency theme on blue background. Cryptocurrency coin icon. Vector illustration.

Solana has become the latest cryptocurrency to set a new all-time high after the coin posted three digits for the first time in its history.

Solana Hits The $100 Mark

Solana is one of the best performing cryptocurrencies over the past few hours, hitting the $100 mark for the first time in its history. SOL’s price rose by over 8% in the past 24 hours to trade above the $100 level.

Thanks to this latest development, Solana has now set a new all-time high, with its performance year-to-date standing out as one of the best in the cryptocurrency space. At the time of this writing, SOL is trading at $100.24 per coin, up by nearly 9% in the last 24 hours.

SOL/USD chart. Source: FXEMPIRE

Year-to-date, Solana is one of the best performers in the market. SOL was trading at $1.7 per coin at the start of 2021. However, its price has gone up by over 1,000% to currently trade at $100 per coin. The rally also saw Solana enter the top ten group in terms of market cap. Solana is now the eighth-largest cryptocurrency in the world in terms of market cap.

Its rally saw it surpass other cryptocurrencies such as Polkadot and displacing Uniswap from the top ten groups. Solana’s total market cap has now crossed $29 billion and could hit $30 billion over the coming hours and days.

Solana’s rally comes as the broader cryptocurrency market is in a bearish cycle. Bitcoin is still battling below the $50k level while Ether has struggled to break past the $3,500 resistance point. Binance Coin, XRP, Cardano and Dogecoin are also trading in the red zone.

Solana Enters The NFT Space

The institutional demand for Solana has increased in recent weeks, thanks to the network’s entry into the NFT space. The blockchain network has taken a keen interest in non-fungible tokens (NFTs) and decentralized finance (DeFi) in recent months.

The NFT and DeFi sectors are some of the most prominent in the cryptocurrency industry at the moment. Last week, Osprey Funds registered the Osprey Solana Trust with the US SEC as wealthy investors start seeking access to the SOL token. Solana’s launch of the Degenerate Ape Academy has helped the cryptocurrency’s price perform better than the others.