Solana’s native token SOL has risen to a new all-time high, surpassing XRP as the world’s sixth largest cryptocurrency by market capitalisation.
SOL hit a new all-time high of £158.50 earlier today. SOL had been steadily rising since September 21, but came to a halt on October 3 when it saw rejection at the £124 resistance level. On October 19, it broke through the stall and has since been rising progressively. The next level of resistance is £201.
SOL has officially eclipsed XRP as the sixth most valuable cryptocurrency, with a market valuation of £46.5 billion. SOL may target Cardano next, as it is only £3.6 billion away from sixth spot.
Solana and its accompanying exchange, FTX, have had a good run recently, especially in terms of NFTs. The Solana network saw a Solana Monkey NFT sell for a record-breaking £1.47 million earlier this month, barely one month after the first NFT on the Solana blockchain was sold. The said monkey is titled ‘Solana Monkey #1355’ and is from the 5,000-strong ‘Solana Money Business’ collection. According to Solanalysis, a Solana Monkey on average sold for 422 SOL (£53,952).
Moreover, FTX has launched its own NFT marketplace, where users may mint and trade Solana NFTs. NFTs placed on the new FTX US platform must currently be listed in Solana (SOL). NFTs can be listed in ETH and USD using ACH payment or credit cards if they are minted on FTX US. For each sale or trade, the site charges a 2% fee to the buyer and the seller, as well as a £0.73 charge to mint or advertise NFT art.
FTX US President Brett Harrison cleared a few outstanding misconceptions regarding the platform in a series of tweets announcing the launch. He indicated that customers can still deposit NFTs from collections that have not been validated by FTX because they will go through a verification and review process.