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- Solana jumped as high as $74.89 Tuesday, extending its two-day surge to 72% and notching another all-time high.
- The altcoin has seen recent activity tied to capital inflows and an NFT launch.
- Solana is now the 10th largest cryptocurrency by marketcap with over $19 billion in circulation.
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Solana jumped to as high as $74.89 Tuesday, extending its two-day surge to 72% and notching another all-time high.
The altcoin has come into the spotlight recently as a number of projects based on Solana’s blockchain have received capital inflows. Mango Markets, a decentralized exchange on Solana, raised $70 million in a token sale last week.
Seth Ginns, a managing partner at CoinFund, said the coin also saw a lot of activity tied to the launch of a popular NFT collection called the Degenerate Ape Academy. The digital art collection sold on a marketplace on the Solana network over the weekend. More broadly, Solana has been attracting DeFi developers and capital, he said.
“It’s increasingly seen as one of the go-to blockchains for developers,” said Ginns.
Solana is also home to Serum, a decentralized exchange that was founded by crypto-billionaire Sam Bankman-Fried.
The coin pared gains Monday morning to hover around $67.41. Despite the pullback, Solana is still up roughly 66% over the last week, outpacing larger crypto peers including bitcoin and ether.
Retail traders on Stocktwits cheered Solana’s run-up, with one user forecasting the coin will be “the next big crypto.” Solana was the number 2 “most watched” ticker on the sentiment tracking site Tuesday morning.
With a total market value of $19 billion the coin is the 10th largest cryptocurrency in circulation, according to Coinmarketcap data.
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