Solana (SOL) has reached its latest ATH with an impressive rise in the last 24 hours.
Solana, a token currently ranked as the 10th most valuable cryptocurrency by market capitalization, crossed the $89 threshold late on the morning of August 28. At the time of publication, SOL was worth $89.93, according to data
This milestone is the end result of a series of spikes that began on the afternoon of August 26. At that point, SOL was at a relatively low $67.55, one of the lower points of the week. However, it skyrocketed within two hours, crossing the $75 mark, where it floated until the next morning. From there it made another sharp rise and reached $82.64 again in a few hours. More spikes followed over the next 24 hours; SOL climbed steadily to $88 on the night of August 28. It surpassed $89 less than 12 hours later.
August was a successful month for SOL. This is not the first time in recent weeks that the token’s price has risen. As we reported on August 16, SOL was up over 20%. This increase secured its position as the 10th most valuable cryptocurrency by market capitalization for the first time. This caused Uniswap (UNI
) to lose its position.
Solana grows in other areas
on August 27. In an official post, the protocol said:
The demand for an open NFT market has been loudly conveyed by community members needing a secondary market for all NFTs minted in the Solana ecosystem. We believe that emerging communities of NFT developers will only be able to thrive in an open market.
Solana Blockchain, the backbone of SOLSA, will have the opportunity to attract a wide range of NFT enthusiasts interested in taking advantage of new licensing standards, negligible transaction costs, and high speeds.
Meanwhile, the Solana Foundation revealed its delegation program on Twitter the morning of August 28. The foundation, a non-profit organization committed to decentralization and security of the Solana network, posted a thread explaining key details of the program.
In a Proof of Stake network like #Solana, it is important to maximize both the total number of high-quality validators in the network and the distribution of shares among those nodes. That’s why we created the Solana Foundation Delegation Program.
The Delegation Program promotes the growth and security of the #Solana network by strategically delegating SOL to new and existing validators that meet certain performance and decentralization criteria.
However, recent expansion has also experienced bumps in the road. In some cases, it is causing problems for the SOL and exchange communities. Solana reported that the network update caused problems with SOL withdrawals and deposits on some exchanges on August 27.
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