Solana Breaches New High As BTC And Other Coins Lag Behind

Solana breaches new high as BTC and the rest of the coins lag behind and made SOL the top-performing cryptos, outperforming both Bitcoin and Ethereum as we can see more in our latest altcoin news today.

Solana’s native SOL token is now making new records as it gained in the US dollar and in bTC on the back of the growing network adoption with a key technical breakthrough. Solana breaches new highs at $52.42 according to TradingView as it gained 24% over the 24-hour trading cycle which marked a new ATH for SOL and break above the $50 psychological level. Solana rallied to a high of $49.99 before losing some of the momentum with a $50 target remaining elusive over the past two weeks.

Solana has a total market cap of $13.19 billion, on the 15h spot on the crypto market cap rankings as per CoinGecko. Solana was outperforming BTC and ETH as the two biggest cryptocurrencies remained subdued after a major market drop when Elon Musk sparked the drop. SOL was 24% in BTC comparative and had gained 28% against ETH over the past 24-hours.

The Bitcoin price was little changed on Sunday and ETH in the meantime dropped to 3.2% with the altcoin market getting down over the past 24-hour period. Solana emerged as one of the most active blockchain networks in the past few months with the network bringing in about $40 million in strategic investments via the Solana Foundation grants program to advance the protocols and decentralized applications. Over 50-market ready projects launched in March with a large concentration of DeFi apps.

The demand for the SOL token is rising as more Sol-based projects are now making airdrops to the existing users. The hunt for cheaper ETH alternatives was also cited as a potential reason for the growth in Solana’s network activity.

As recently reported, The Solana Blockchain got $100 million in funding to accelerate the ecosystem growth and the advancement of key ventures in its ecosystem. According to the company’s press release, the new funding will go to new projects for the Asian market which is now being developed on the Solana blockchain with Gate Lab’s fund focusing on boosting the recognition initiatives in the Asian Pacific region. Gate Labs is the crypto exchange Gate.io’s investment branch.  Solana’s Foundation president Anatoly Yakovenko noted.