While the weekend saw relatively bearish price action for the majority of the market. SOL managed an impressive gain of over 20% to reach a new all time high.
The project now sees itself being catapulted into the top 15 spot in terms of market capitalization. With a total market capitalization of $13.6 billion. Not bad considering it started the year priced at a measly $1.51. The recent all-time high now means that SOL has seen a 3,100% gain in 2021 alone.
Solana had previously been dubbed one of the projects that could potentially kill ethereum,
Solana hackathon commences
The new all-time high comes off the back of the launch of Solana’s hackathon which began on May 15. The Solana Season Hackathon has attracted over 10,000 registrations to the event. The hackathon is set to run from May 15 to June 7. The event is offering up to $1 million in global prizes and seed funding for participants, including an all-star lineup of speakers.
Solana has seen rapid growth within the crypto space in 2021. Having launched late in 2020, the project is now vying for a top ten spot after moving swiftly into the top 15.
Solana is described on its website as “a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption”.
Previous analysis from BeInCrypto suggested that SOL was one of May’s top altcoins to watch. With technical analysis indicating the project could climb to suggested targets of $60 and possibly $68 in the future.