The token, currently ranked the 10th most valuable cryptocurrency by market capitalization, shooting over the $89 threshold in the late morning of August 28. At time of press, SOL was worth $89.93, according to data.
This milestone is the end result of a series of spikes, beginning in the afternoon of August 26. At that point, SOL was in a relatively lowly position of $67.55, one of its lower points across the week. However, it blasted its way back up in the space of two hours, crossing the $75 mark, where it hovered until the following morning. From there, it made another sharp climb and reached $82.64; again in only a matter of hours. Further spikes followed in the ensuing 24 hours; SOL clambered steadily up to the $88 mark in the small hours of August 28. It went on to move past $89 less than 12 hours later.
August has been a successful month for SOL; this is not the first time in recent weeks that the token has surged in price. As reported on August 16, SOL shot up by over 20%. This ascent first secured its ranking as the 10th most valuable cryptocurrency by market cap, unseating Uniswap (UNI) in doing so.
SOL expands in other areas
This month has not just been eventful for the SOL token, but the entire Solana ecosystem. Most recently, the network saw the launch of both its first open NFT marketplace, as well as the Solana Foundation Delegation Program.
In the former case, August 27 saw the launch of SOLSEA, an open NFT marketplace released by All-Art Protocol. In an official post, the protocol said:
“The demand for an open NFT marketplace has been communicated vocally by members of the community in need of a secondary market for all the NFTs minted in the Solana ecosystem. We believe that communities of NFT creators that are emerging will only be able to flourish in an open marketplace.
“Solana blockchain, the backbone of SOLSEA, will have an opportunity to attract a wide audience of NFT enthusiasts interested in utilizing its new licensing standards, negligible transaction costs, and high speeds.”
Meanwhile, the Solana Foundation revealed their Delegation Program on Twitter on the morning of August 28. The foundation, a non-profit organization committed to the decentralization and security of the Solana network, released a thread explaining the 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 on the network, and the distribution of stake amongst those nodes. This is 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 who meet certain performance and decentralization criteria.”
However, the recent expansion has also experienced bumps in the road. In some cases, causing issues for the SOL community and exchanges. Solana reported that a network upgrade had caused problems with SOL withdrawals and deposits on certain exchanges on August 27.