The SOL token, which belongs to Solana, has registered a new high Sunday, as a result of increased network adoption and an important technical breakthrough.
SOL reached a new peak of $52,52 yesterday, following an increase of 24% over 24 hours. This was not just a new ATH for SOL, but it also means that it broke past the psychological $50 level. On May 2nd, it actually got extremely close to it, reaching $49,99, before starting to drop again.
Currently, SOL is being traded for over $51,00 and has a market cap of $13.9 billion, which makes it the 15th biggest cryptocurrency.
Furthermore, Solana was outperforming both Bitcoin and Ethereum yesterday, as both of them registered important drops in their value. Solana was up 24% against Bitcoin and 28% against Ethereum over the past 24 hours.
In recent months, Solana became one of the most important and active blockchain networks with more than 50 market-ready projects being launched on Solana since the beginning of March, many of them being focused on DeFi applications. People wishing to find a cheaper alternative to Ethereum have also given a push to Solana.