SOL Pumps to New ATH on Extremely Low Funding After Blockchain Suffered a “Performance Degradation”

Solana has hit yet another all-time high.

A couple of hours back, SOL surged past $146 to make a new ATH. Up over 21% in the past 24 hours, SOL is currently trading under $140.

In the past 30-days, SOL has rallied more than 312% and is recording 7,656% gains YTD.

With the latest gains, SOL has now achieved a market cap of $40.5 billion. Having trumped above its competitor layer 1 blockchain Polkadot (DOT) already, the crypto asset has now jumped above Dogecoin to claim the spot of the 7th largest cryptocurrency. DOT 2.77% Polkadot / USD DOTUSD $ 10.30
$0.292.77% Volume 653.04 m Change $0.29 Open $10.30 Circulating 987.58 m Market Cap 10.17 b 5 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 5 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 5 mon Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows DOGE 0.15% Dogecoin / USD DOGEUSD $ 0.08
$0.000.15% Volume 468.74 m Change $0.00 Open $0.08 Circulating 132.67 b Market Cap 11.17 b 4 mon Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 5 mon Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 5 mon DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch

Solana is now gunning for the 6th spot, which XRP currently holds with a market cap of $59.2 bln above that $66.1 bln Tether (USDT); then again comes two more competitors BNB and Cardano, that have a market cap of $75 bln and $95 bln respectively. XRP 0.34% XRP / USD XRPUSD $ 0.41
$0.000.34% Volume 1.4 b Change $0.00 Open $0.41 Circulating 48.34 b Market Cap 19.93 b 5 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 5 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 5 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card BNB 3.28% BNB / USD BNBUSD $ 336.35
$11.033.28% Volume 2.01 b Change $11.03 Open $336.35 Circulating 163.28 m Market Cap 54.92 b 5 mon SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 5 mon BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 5 mon Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions ADA 2.25% Cardano / USD ADAUSD $ 0.53
$0.012.25% Volume 686.06 m Change $0.01 Open $0.53 Circulating 33.75 b Market Cap 17.91 b 4 mon Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 5 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 5 mon Solana (SOL) Bucks the Trend, Along With Tron (TRX), by Recording Highest Inflows After Bitcoin (BTC): Report

Interestingly, despite the latest rally, the funding on SOL perpetual contracts is still extremely low, the highest being 0.0459 on Binance and is even negative -0.0193 on OKEx, according to Bybt.

“Sol funding remarkably low for something that is melting faces. Looks like people are scared of the pump,” said trader SmartContracter, who expects SOL to rally to at least $240 and flip BNB.

However, according to QCP Capital, “Fibonacci trend projections show that we are at the 1.618 extension at 115 level,” as such an interim top can be anticipated at these levels. “With vols this high, SOL calls might be a decent sell,” it added.

Meanwhile, the latest uptrend in SOL prices also came just as Solana Status reported that its mainnet-beta is “experiencing intermittent instability.”

gg pic.twitter.com/53t7FHQSvq

— Hsaka (@HsakaTrades) September 2, 2021

Solana Status, a Twitter account that shares updates for the Solana network, website, and the Explorer, said on Thursday that Solana Mainnet Beta suffered a performance degradation last night, resulting in temporarily reducing network throughput.

This period of intermittent performance degradation lasted about an hour.

The network has since been recovered while engineers continue to diagnose the root cause.

“Seller can't move tokens? Proceed to ATHs,” quipped trader Hsaka on the token’s price performance coinciding with the network issue.