The native token of the Solana blockchain SOL has increased in price over the previous 7 days. On May 16 it hit a new all-time high of $52.50. Currently, the token ranks 16th with a market cap of $13.6 B. It trades at around $49.
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The surge happens at a time when red lines prevail in the crypto market. Bitcoin's price fell over 21% over the previous 7 days and Ethereum's over 13%.Solana is a blockchain alternative to Ethereum. It was created in 2017. The platform continues to develop and more projects choose to use its solutions.
On Wednesday Solana announced attracting $60 Million via three funds. The team will use the sum for the platform's development referring to DeFi, NFT sectors, and cybersecurity.Solana will focus on expanding its services in Brazil, India, Russia and Ukraine.