SOL, the Solana project’s native token, has broken into the top 10 largest cryptocurrencies in the market by market capitalization driven by growing institutional interest and the rise of non-fungible tokens (NFTs) and decentralized finance (DeFi).
The cryptocurrency, currently ranked eighth in CoinMarketCap’s ranking of largest cryptocurrencies in the market, has a price of $98 and a market cap of $28.351 billion.
Notably, the token hit an all-time high of $96 this morning and its price has risen significantly since last August 15.
Cryptocurrency financial services firm Amber Group said:
“Institutional demand for SOL has increased in recent weeks. Generally speaking, money has been flowing into Ethereum alternatives like Solana, Cosmos, Luna, and Avalanche.”
Over the last 4 weeks, the price of these 4 assets has increased by 80% compared to Ether.