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.  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. 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.” https://twitter.com/HsakaTrades/status/1433456795536670723 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.