Barely two hours to the time of writing, Solana surge as high as $83.4. The current price mark is the highest the coin has attained since its introduction to the market. As the coin hits its new all-time high the bears have capitalised on it; attacking with seller congestion. These attacks have had success to an extent as the coin is currently trading at 3% lower than its ATH.
Solana has seen an increased price surge since the launch of Degenerate Ape Academy—a non-fungible token ( ) project built on the Solana blockchain on August 15. Following the launch, Coinfomania reported that a rare 522% increase in trading volume helped the coin attain a high of $64.4; which was the ATH as of the time. The event as of the time ensured that Solana piqued the interest of many investors at the time.
The new all-time high ensures that the SOL/USD pair marks its sixth consecutive week of price increase. The weekly chart shade further lights on the pair gains. The gains started with a 5% increase in the first week of the price increase. The next week was bigger as the coin increased by 20%. After a 10% gain in the third week, the coin enjoyed an average of 30% increase through the next three weeks.
The milestone places Solana in a struggle with Polkadot for the ninth spot on the market cap ranking. The price of SOL as of the time of writing increases its market cap by almost 3%. Its total market capitalisation is estimated at $24.9 billion. DOT holds on to the ninth spot by less than $1 billion.
While the bulls were rejoicing from the profits, the bears were no way near joyful as more than $4 million short open orders got liquidated over the last 24 hours. Solana may return to its upward trend as we near the weekend.
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