Solana (SOL) has turned out to be one of the most promising projects in the crypto markets. With its high scalability and high processing algorithm it has gained its reputation and become a keen place for investors to place their bets in. On Monday $Sol crossed the $100 mark and become to do so first time in its history creating a new All Time High.
$Sol had created its ATH before and went into price discovery. After its leg up from $40 it achieved a price of $80 and closed at around $74 that day and started consolidating. Solana stayed in consolidation for almost a week and stayed range bound between $66 and $80. It was to be expected that it was going to rally again for its next leg up. It was quite a feat and left many people astonished as how the project is getting so much attention. Where so many different coins haven’t even achieved one third of their all time high following the crash of the market. Sol went crazy and continued giving us green one after another.
$100 isn’t enough for SOL
After the consolidation period ended, Solana went upwards again and went from $78 to cross the $100 dollar milestone. But reaching $100 wasn’t enough for the coin as it continued to move up and now at the time of writing Sol is being traded at a price of $128. This is an increase of 28% in the last 24 hours and an overall increase of almost 58.7% in the last week alone.
Seeing the overall market conditions as how it is almost steady or dropping down little by little Sol has proved to be a beast. This increase started occurring when Solana posted an ignition video on Twitter on 27th August.
About Solana
Solana was launched in March 2020 with its headquarters in Geneva Switzerland. It is a utility token that is used for transactions when interacting with smart contracts and as staking as Proof of Stake (PoS) mechanism. It combines Proof of History (PoH) that allows higher scalability and hence more usage with PoS. Its fast processing time has attracted the attention of a lot of Institutional Investors. Solana burns Sol as part of their model that allows the removal of coins and hence increases its scarcity. Solana launched Degenerate Ape Academy a few weeks ago and hence entered the NFT market.
