Solana’s SOL Sets New All-Time High After 36% Weekly Rise

Solana’s SOL sets a new all-time high after its 36% weekly rise as it seems that the coin is in full swing after the downturn in September so let’s read more in today’s altcoin news.

Solana’s SOL sets a new all-time high at $219 today and last month’s network outage slowed down Solana’s momentum after the huge price increase in August but that seems to be no issue for the token. The late summer surge was interrupted by September’s network outage that seemed to slow the smart contract platform’s momentum on the upside but the overall market being on the rise only sparked Solana to rise rapidly again and set a new peak price.

The SOL cryptocurrency reached a new all-time high above $219 which is a step up from the peak at $213 and while many see this as a  modest uptick from the previous high, it suggests that Solana’s price increase is back in action after the recent downturn. SOL’s price is up about 36% in one week and increased by 57% in the past 30 days.
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SOL’s market cap flipped that of XRP to become the sixth biggest crypto on the market. The wider crypto market has been on the rise with BTC setting a new ATH of $67,277 last week with ETH setting its own peak of $4361 as per CoinGecko.

According to the site, the total crypto market cap is now $2.75 trillion which is close to teh ATH of $2.77 billion. Solana’s ecosystem activity sped up over the past three months and Decentralized finance protocols on the platform that allows for person-to-person borrowing, trading and lending grew as of late with more than $13.9 billion worth of assets being locked in the defi protocols per the data from DefiLlama. NFT activity on Solana picked up as of late with an estimated market cap of $910 million per Solanalysis and more than $64 million of trading volume in the past week.

NFTs are tokens that function as a proof of ownership receipt over digital items on the blockchain and the market saw a high profile entity as FT US launched its own marketplace focused on Solana’s NFT. Its stance on not listing NFT collections that provide royalties from the secondary sales to other holders had a ripple effect in the space as a few projects canceled or changed plans to provide ongoing crypto rewards to the NFT holders. Solana saw an increase in value in August and September as it increased from a price of $35 to a high of $213 with the network being down for more than 17 hours due to what the foundation billed as a denial of service attack.