Solana (SOL) continued its powerful advance as the token surged to another all-time high and overtook Dogecoin in market capitalization, moving into the seventh-largest position among all crypto assets. The move capped off one of the strongest monthly performances in the digital asset market, with SOL posting gains of more than 300% over the previous 30 days.
New all-time high extends a steep rally
The original report noted that Solana had already been setting fresh highs in mid-August, when SOL was trading at around $74. By September 3, the token had climbed to roughly $141, representing a gain of 90.54% since August 17. During that same day, SOL reached a new record of $145.22 per coin.
The pace of the rally stood out even in a broader crypto market that had been posting strong gains. Over the previous 24 hours, SOL rose by more than 20%. On a seven-day basis, the asset was up 85.3%. Over the last two weeks, gains reached 93.1%, while the 30-day increase climbed to an eye-catching 310.8%. Year to date, Solana had advanced 3,277.6%, placing it among the best-performing crypto assets of 2021 according to the source material.
Market cap rises to seventh place
As the token price accelerated, Solana’s total market value climbed to around $41 billion. That was enough to push Dogecoin out of the number seven spot in the crypto market-cap rankings. The report said that, within an overall crypto market valued at approximately $2.3 trillion, Solana accounted for around 1.73% of the broader digital asset economy.
The jump in ranking underscored how quickly Solana had moved from a rising layer-1 project into one of the largest crypto assets by valuation. Even so, the report pointed out that SOL still had room to close before catching XRP, whose market capitalization stood at about $59 billion at the time.
Trading activity remained heavy
Trading data in the report also showed that interest in SOL was not limited to price appreciation alone. Global trading volume associated with Solana reached roughly $7.7 billion on Friday, highlighting strong market participation and liquidity during the rally.
Among trading pairs, SOL/USDT was by far the largest, accounting for 54% of all SOL trades. It was followed by USD pairs at 14.87%, BTC pairs at 12.80%, BUSD at 7.91%, TRY at 2.95%, and ETH at 2.76%. The dominance of the USDT pair suggested that stablecoin-based trading remained the main route for market participants entering and exiting SOL positions.
Momentum places Solana among the market’s biggest winners
The reported figures showed how dramatically Solana’s position had changed over a relatively short period. What had been a token just entering the top ten in mid-August quickly became the seventh-largest cryptocurrency by market value only weeks later. The combination of steep price appreciation, high turnover, and expanding market share marked Solana as one of the market’s defining stories during that stretch.
While the report did not speculate on future price direction, the numbers alone illustrated the scale of the move. A record high of $145.22, a monthly gain of more than 300%, and a market cap of around $41 billion together signaled that Solana had become a major force in the crypto market at that point in time. Whether it could continue climbing the rankings would depend on whether the rally could be sustained and whether it could narrow the valuation gap with assets ranked above it.