The price of Solana (SOL), the native cryptocurrency of the high-performance proof-of-stake Solana blockchain, hit a new all-time high US$245.69 this morning Asia time and briefly overtook Tether as the fourth-largest cryptocurrency by market value, according to CoinGecko data.

Fast facts

  • Solana’s price surge comes ahead of the inaugural Breakpoint conference organized by the Solana Foundation, which will be held from Nov. 7 to Nov. 10 in Lisbon, Portugal.
  • Launched in March 2020, Solana has been one of the hottest blockchains of the moment, with the price of Solana skyrocketing by 16,000% since the start of the year. Solana is currently trading at US$241 as of publishing time, with a market cap of US$72.26 billion, just a touch away from Tether, which has regained — for now — its spot as the fourth-largest cryptocurrency with a market cap of US$72.29 billion, according to CoinGecko data.
  • Institutions, too, have invested into Solana. According to digital asset manager CoinShares, Solana investment products last week saw inflows of US$15 million, bringing the total Solana assets under management to close to US$200 million.