SOL was one of the top-performing cryptocurrencies on Sunday, outperforming Bitcoin and Ethereum by a considerable margin.
Solana’s native cryptoprimacy.com/tags/solana” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/tags/solana/amp”>SOL token is charting new highs on Sunday, gaining in U.S. dollars and in Bitcoin (cryptoprimacy.com/bitcoin-price-index” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/bitcoin-price-index”>BTC) on the back of growing network adoption and a key technical breakthrough.
The SOL token peaked at $52.42 on Sunday, according to TradingView, having gained 24% over the 24-hour trading cycle. That marked a new all-time high for SOL and the first definitive break above the psychological $50 level. As Cointelegraph previously reported, cryptoprimacy.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-sol-ht-etc-aave” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-sol-ht-etc-aave/amp”>Solana rallied to a high of $49.99 on May 2 before losing some of its momentum. The $50 target had remained elusive over the previous two weeks.
At the time of publication, SOL was trading above $51.00.
At current values, Solana has a total market capitalization of $13.9 billion, placing it in 15th spot on the crypto market cap rankings, according to Coingecko.
Solana was vastly outperforming Bitcoin and Ethereum (cryptoprimacy.com/ethereum-price”>ETH) on Sunday, as the two largest cryptocurrencies remained subdued following a major market meltdown at the cryptoprimacy.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip/amp”>hands of Elon Musk coupled with cryptoprimacy.com/news/fear-grips-bitcoin-as-crypto-market-sentiment-drops-to-lowest-levels-since-april-2020″ data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/fear-grips-bitcoin-as-crypto-market-sentiment-drops-to-lowest-levels-since-april-2020/amp”>deteriorating investor sentiment. SOL was up 24% in Bitcoin comparative and had gained 28% against ETH over the previous 24 hours.
Bitcoin price was little changed on Sunday. Ethereum, meanwhile, was down 3.2%. The altcoin market was down over the 24-hour period.
Solana has quickly emerged as one of the most active blockchain networks in recent months. The network cryptoprimacy.com/news/solana-raises-40-million-in-strategic-investments-from-okex-mxc-exchanges” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/solana-raises-40-million-in-strategic-investments-from-okex-mxc-exchanges/amp”>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.
As Cointelegraph previously reported, cryptoprimacy.com/news/solana-sol-price-rises-as-airdrops-attract-new-users-to-the-network” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/solana-sol-price-rises-as-airdrops-attract-new-users-to-the-network/amp”>demand for the SOL token is rising as more Solana-based projects issue airdrops to existing users. The hunt for cheaper Ethereum alternatives has also been cited as a potential reason for the recent growth in Solana’s network activity.