Solana hit its all-time high of $216.47 on Thursday, outperforming other crypto assets’ gains despite suffering a setback following a crypto crash on Wednesday.
Solana’s resilience is believed to be partly due to its so-called “Ethereum killers” blockchain that carries a lower cost with high transaction speed.
The surge in Solana was replicated elsewhere, with altcoins also recovering, albeit slower, from the week’s slump.
The recovery of altcoins after the plunge was boosted by investor demand, which was robust in August, with more traders jumping back into the market.
Analysts interpret the quick jump back to altcoins as a confidence boost by traders who have developed a thick skin in the wake of crypto volatilities.
Solana now ranks as the sixth biggest coin, with a market cap of $62 billion.
SOLUSD is up +8.39%.
