Solana Breaks into Top 10 of Largest Cryptos in the Market

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SOL, the Solana project’s native token, has broken into the top 10 largest cryptocurrencies in the market by market capitalization driven by growing institutional interest and the rise of non-fungible tokens (NFTs) and decentralized finance (DeFi).

The cryptocurrency, currently ranked eighth in CoinMarketCap’s ranking of largest cryptocurrencies in the market, has a price of $98 and a market cap of $28.351 billion.

Notably, the token hit an all-time high of $96 this morning and its price has risen significantly since last August 15.

Cryptocurrency financial services firm Amber Group said:

“Institutional demand for SOL has increased in recent weeks. Generally speaking, money has been flowing into Ethereum alternatives like Solana, Cosmos, Luna, and Avalanche.”

Over the last 4 weeks, the price of these 4 assets has increased by 80% compared to Ether.