Solana (SOL) is approaching the top 15 cryptocurrencies after hitting a new all-time high of $ 52.60.
While the weekend saw relatively bearish price action for most of the market. SOL achieved an impressive gain of more than 20% to reach a new all-time high.
The project is now dizzyingly approaching the top 15 cryptocurrencies with a total market capitalization of $ 13.3 billion.
Not bad considering it started the year with a price tag of $ 1.51. The recent all-time high now means that SOL has seen a 3,100% increase in 2021 alone.
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Solana had previously been dubbed one of the “Ethereum killers” projects.
Solana’s hackathon begins
The new all-time high comes amid the launch of the Solana hackathon that began on May 15. The “Solana Season Hackathon” has attracted more than 10,000 registrations to the event.
The hackathon is scheduled to run from May 15 to June 7. The event offers up to $ 1 million in global prizes and seed funding for participants, including a list of star speakers.
Solana has seen rapid growth within the crypto space in 2021. Having launched in late 2020, the project now is competing for a spot in the top ten after quickly approaching the top 15.
Solana describes herself on her website as:
“A fast, secure, and censorship-resistant blockchain that provides the open infrastructure needed for global adoption.”
The project has already implemented key features in its ecosystem, including decentralized finance (DeFi) capabilities, non-fungible tokens (NFT), and a decentralized exchange (DEX).
Previous BeInCrypto analysis suggested that SOL was one of the biggest altcoins for May. With a technical analysis that indicates that the project it could meet the suggested targets of $ 60 and possibly $ 68 in the future.
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