Solana (SOL) has hit a new ATH (All-Time High) again and is showing off at a stunning price.
This feat has not been easy for SOL, as the sixth-largest cryptocurrency by market cap is stuck in a period of stagnation after hitting a record high of $216 on September 9.
A few days ago, SOL hit a new all-time high of $218.92. The price is up nearly 36% over the past week and has been up about 57% over the last 30 days.
Over the weekend, SOL’s market cap flipped XRP into the sixth-largest cryptocurrency on the market, repeating its short-lived move from early September.
Apart from Solana earning new ATH, the broader cryptocurrency market has seen a similar increase recently.
Take for example the cryptocurrency giant, Bitcoin, which set a new all-time high of $67,277 last week. It was followed by Ethereum setting its own new peak of $4,361 according to a CoinGecko report.
Meanwhile, activity in the Solana ecosystem has increased over the past three months. The DeFi protocol present on the platform, which allows lending and person-to-person trading is experiencing an increase there.
According to data from DeFiLlama, there are approximately $13.9 billion of SOL assets locked in the DeFi protocol. This is a new pinnacle for the platform.
Likewise, NFT activity in Solana has also increased recently. According to estimates, its market cap is around $910 million per Solanalysis, and there has been over $64 million of trading volume over the past week.
NFT itself is a token that serves as a receipt for proof of ownership of digital goods on the blockchain.
The NFT market recently saw a high-end entrant, when FTX US launched its own marketplace that initially focused on Solana NFT.
At the end of the event, SOL managed to get out of the abyss and experienced an increase in value throughout August to September.
SOL rose from an initial $35 price range on August 1, to $213 early last month.
The SOL network has also been down for more than 17 hours, starting on September 14 last year due to what the Solana Foundation calls a denial of service attack, after a flood of transactions.