As the price of Solana breaks the $90 mark, it sets a new all-time high.

IN SUMMARY

  • Solana (SOL) hit an all-time high of $89.93 on August 26.
  • Early in August, the SOL token saw huge price increases, unseating Uniswap as the 10th most valuable cryptocurrency by market cap.
  • On August 27, the Solana network expanded into new sectors, including the establishment of its first open NFT marketplace. 

Solana (SOL) has risen to a new all-time high in the previous 24 hours.

The coin, which is now ranked 10th in terms of market value, crossed the $89 mark in the late morning on August 28. SOL was worth $89.93 at the time of publication, according to statistics.

This achievement is the culmination of a string of spikes that began on August 26 in the afternoon. SOL was trading at $67.55 at the time, one of its lowest levels of the week. However, it rocketed back up in two hours, crossing the $75 mark, where it remained until the next morning. It then climbed sharply again, reaching $82.64 in a matter of hours. SOL steadily climbed to the $88 mark in the early hours of August 28. It went on to surpass $89 in less than 12 hours.

August has been a good month for SOL; it's not the first time the token's price has risen in recent weeks. SOL increased by more than 20%, as reported on August 16. This rise propelled it into the top ten most valuable cryptocurrency by market capitalization, unseating Uniswap (UNI).

SOL is branching out into new areas.

This month has been interesting not only for the SOL token, but for the entire Solana ecosystem as well. The Solana Foundation Delegation Program and the network's first open NFT marketplace were also launched lately.

In the first case, All-Art Protocol launched SOLSEA, an open NFT marketplace, on August 27. The protocol stated in an official post:

“Community members in need of a secondary market for all NFTs minted in the Solana ecosystem have expressed their desire for an open NFT marketplace. We believe that burgeoning communities of NFT innovators can only thrive in an open market.

“The Solana blockchain, which serves as the backbone of SOLSEA, will have the opportunity to attract a large number of NFT aficionados who are interested in taking advantage of its innovative licensing rules, low transaction costs, and fast speeds.”

Meanwhile, on the morning of August 28, the Solana Foundation announced its Delegation Program on Twitter. The foundation, a non-profit dedicated to the decentralization and security of the Solana network, published a thread outlining the program's major details.

“In a Proof of Stake network like #Solana, it's critical to optimize both the network's overall number of high-quality Validators and the distribution of stake across those nodes. This is why the Solana Foundation Delegation Program was developed.

“By deliberately delegating SOL to new and existing validators who meet particular performance and decentralization criteria, the Delegation Program encourages the #Solana network's growth and security.”

However, there have been several stumbling blocks in the recent expansion. In some circumstances, this has resulted in problems for the SOL community and exchanges. On August 27, Solana claimed that a network update had caused issues with SOL withdrawals and deposits on a several exchanges.

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