Defying the slump in the broader crypto market, Solana price is smashing the all-time high records. Over the last 1 week, SOL Price has skyrocketed 57.86%% printing a new ATH at 128.83. The new record comes just a day after it broke above $100 for the first time.
At the time of writing, SOL is trading at $113.85. With a market cap of $32.14 billion. Solana has surpassed Polkadot and USDC to become the eighth largest cryptocurrency.
SOL Price Rally ! The Hype is real!
Data from Santiment shows the crowd sentiment around Solana is extremely bullish. The data shows that the weighted sentiment has surpassed the 4 deviations above the mean which is a rare occurrence. Santiment says the project is seeing hype, only a few tokens have seen before.
Were SOL Tokens Burnt?
On Aug 31, i.e Solana revealed a new “Ignition” feature. Solana posted a video teaser of a flaming flame last week. While there are few facts at this time, the community is speculating about a possible SOL token burn. This will increase supply pressure and drive up SOL prices.
Solana is Set Enter Top 4!
If Solana maintains its upward trend, it has a decent possibility of doubling its market cap to near $70 billion. Surpassing Tether’s $65 billion market cap and putting it the fifth-largest cryptocurrency.
“Spartan Black” on Twitter in a recent tweet made a bullish case for SOL’s market cap. He says, If $90B is an accurate valuation for $
ADA then SOL has the potential to go 3X from here.
If this prediction plays out, Solana would definitely climb up spots on the market cap ranking chart.