Gaining over 20% in the previous 24 hours, Solana's SOL token set a new record. After breaking the $100 milestone, it went higher and surged to $119.
On August 27, Solana tweeted about some new incentive called "Ignition" which will come on August 31. Ignition will last till October 8. It's not known yet what exactly it is, but the community seems to be eager.
Currently, SOL is the 8th largest cryptocurrency with a market cap of over $34.3 Billion. Dogecoin, which ranks 7, has a market cap of around $35.8 B. So, Solana's chances of becoming the 7th largest crypto, are quite big.Solana is one of the best performing coins of the year. Since the start of the year, the token's price has gone up by over 1000%. At the beginning of January, SOL was traded at $1.7.
SOL's recent all-time high was reached despite the prices of most cryptocurrencies went down. Bitcoin currently trades at around $47.000 and Ether at $3.230. The blockchain continues to develop and the number of projects built on top of it grows. Recently the network entered the NFT space. Solana-based Bored Ape NFTs have been seeing high demand.