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 1.81% Polkadot / USD DOTUSD $ 6.85
$0.121.81% Volume 278.1 m Change $0.12 Open $6.85 Circulating 1.15 b Market Cap 7.92 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Solana Unaffected by Price Jitters while Bitcoin, Ether, Polkadot, and Cardano Post Outflows DOGE 0.30% Dogecoin / USD DOGEUSD $ 0.09
$0.000.30% Volume 509.54 m Change $0.00 Open $0.09 Circulating 132.67 b Market Cap 12.18 b 1 y Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 1 y Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 1 y 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 0.94% XRP / USD XRPUSD $ 0.40
$0.000.94% Volume 950.72 m Change $0.00 Open $0.40 Circulating 50.8 b Market Cap 20.36 b 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 1 y Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card BNB 0.27% BNB / USD BNBUSD $ 330.80
$0.890.27% Volume 517.05 m Change $0.89 Open $330.80 Circulating 157.9 m Market Cap 52.23 b 1 y SEC Rejects Another Spot Bitcoin ETF, Binance Announces New System to Remove BNB from Circulation 1 y BitMEX Launches BMEX Token for Active Users, US Not Eligible for Airdrop 1 y Crypto Outliers: Terra (LUNA) Amasses $16.9 Bln & Surpass BSC, Avalanche (AVAX) Aims for 1 Million Daily Transactions ADA 1.95% Cardano / USD ADAUSD $ 0.40
$0.011.95% Volume 395.15 m Change $0.01 Open $0.40 Circulating 34.61 b Market Cap 13.76 b 1 y Bitcoin Is Back Above $51k and Ether $4,100 as The Cryptocurrency Market Goes Green 1 y Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 1 y 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.