Solana (SOL) trades 30% higher since last week.
Solana, the 8th largest crypto by market capitalization, traded at an ATH near $102 early today. That is after increased demand from institutional and retail investors. While writing this, SOL has its market cap hovering above $28 billion.
According to the recent data by Coinmarketcap, SOL’s lucrative movements made the coin exceed currencies like DOT, UNI, LTC, BCH, and LINK as far as value is concerned. Solana has seen upside trends over the previous sessions.
The past seven days had SOL gaining over 30%. The altcoin has led the best performers over the past week’s sessions. With such moves, the crypto follows Dogecoin (DOGE) in market capitalization.
Solana has had its price increasing significantly since this year started. The alternative coin climbed from $1.5 in January towards its $102 ATH on August 30. The August month had the crypto increasing by over 200%. For now, Solana’s market cap stands at $28 billion as the coin trades around $97. Meanwhile, SOL’s market dominance hovers at 1%.
SOL’s Institutional Demand
According to the recent data by CoinShares, SOL has experienced increased demand by institutions. That is after the asset’s latest upswings. Solana is an ETH competitor that offers faster transactions and a flexible crypto infrastructure. The report mentioned that SOL had had the highest inflows last week, totaling around $7.1 million.
Solana’s investment products registered more inflows than ETH, ADA, and DOT during August’s third week. With the increase in institutional interest, the 8th ranked crypto witnessed its price hitting record highs.
Generally, Solana’s market cap surged by over 1 trillion over the past five weeks. The overall crypto capitalization stands above $2 trillion, increasing by over 150% since January 2021. Bitcoin, the world’s dominant currency, has a market cap above 900 billion.
Cardano’s founder Charles Hoskinson commented on the success that Solana has had over the past weeks. He congratulated the SOL team for their remarkable performance. Remember, Cardano (ADA) nears its awaited Alonzo upgrade.
What are your thoughts on SOL’s impressive performance? Will the crypto retains its upside attitude. Feel free to leave your comment in the section below.
