Solana Surges 20% to New All-Time High, Is SOL token Burning coming Today?

By Bhushan Akolkar
August 31, 2021 Updated August 31, 2021
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Solana (SOL)

Dodging the broader market correction, Solana (SOL) continues to make new highs in the market. Over the last 24 hours, Solana (SOL) has surged another 20% making a new all-time high of $199.

As of press time, Solana’s SOL token is trading 20.30% up at $118. With a market cap of $34.3 billion, Solana also becomes the eighth largest cryptocurrency toppling players like Polkadot (DOT) and USDC. Solana’s SOL crypto now eyes a move above Dogecoin (DOGE) which is the seventh-largest player as of now.

Amid the solid price rally, Solana is currently dominating all conversations in the crypto space. As on-chain data provider Santiment reports:

Solana is making up nearly 10% of #crypto conversations right now as it blasted off to a new #AllTimeHigh of $106.82. As and most other #altcoins range, volatile & pumping coins like $SOL will continue to intrigue traders looking for action.

Courtesy: Santiment

Furthermore, Solana is all set to unveil a new “Ignition” feature later today. Last week, Solana released a video teaser showing a burning flame. While it has little details as of now, the community is guessing about a possible SOL token burn. This will further put supply pressure and drive SOL prices higher.

Solana Draws Institutional Attention

As per the recent report from institutional asset manager CoinShares, Solana (SOL) has been on the radar of institutional players. As per the Digital Assets Fund Flow weekly report, Solana saw a net institutional inflow of US$2.7 million over the last week.

The report also notes that Solana has overtaken Bitcoin Cash’s assets under management (AUM) now totaling US$15.7 million. Last week, Solana also received praises from Cardano founder Charles Hoskinson.

In a tweet, Hoskinson showed more interest in learning about the Solana ecosystem. “Solana you guys seem to be making waves. Congratulations. Where can I learn more?” he wrote.

The altcoin has successfully managed to defy all bearish trends in the market. The SOL price rally started somewhere around mid-August. On the monthly chart, Solana (SOL) has gained 3.3x or we can say 230% all the way moving past $100 and hitting new all-time highs.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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