SOL was one of the top-performing cryptocurrencies on Sunday, outperforming Bitcoin and Ethereum by a considerable margin.

Solana’s native sunshinecrypto.com/tags/solana”>SOL token is charting new highs on Sunday, gaining in U.S. dollars and in Bitcoin (sunshinecrypto.com/bitcoin-price-index”>BTC) on the back of growing network adoption and a key technical breakthrough. 

The SOL token peaked at $52.42 on Sunday, according to TradingView, having gained 24% over the 24-hour trading cycle. That marked a new all-time high for SOL and the first definitive break above the psychological $50 level. As Cointelegraph previously reported, sunshinecrypto.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-sol-ht-etc-aave”>Solana rallied to a high of $49.99 on May 2 before losing some of its momentum. The $50 target had remained elusive over the previous two weeks. 

At the time of publication, SOL was trading above $51.00.

Solana has been a positive performer for much of 2021. Chart: TradingView

At current values, Solana has a total market capitalization of $13.9 billion, placing it in 15th spot on the crypto market cap rankings, according to Coingecko.

Solana was vastly outperforming Bitcoin and Ethereum (sunshinecrypto.com/ethereum-price”>ETH) on Sunday, as the two largest cryptocurrencies remained subdued following a major market meltdown at the sunshinecrypto.com/news/backlash-to-elon-musk-s-bitcoin-bombshell-as-traders-start-to-buy-the-dip”>hands of Elon Musk coupled with sunshinecrypto.com/news/fear-grips-bitcoin-as-crypto-market-sentiment-drops-to-lowest-levels-since-april-2020″>deteriorating investor sentiment. SOL was up 24% in Bitcoin comparative and had gained 28% against ETH over the previous 24 hours.

Bitcoin price was little changed on Sunday. Ethereum, meanwhile, was down 3.2%. The altcoin market was down over the 24-hour period. 

Solana has quickly emerged as one of the most active blockchain networks in recent months. The network sunshinecrypto.com/news/solana-raises-40-million-in-strategic-investments-from-okex-mxc-exchanges”>recently brought in $40 million in strategic investments through the Solana Foundation grants program to advance its protocols and decentralized applications. Over 50 market-ready projects have launched on Solana since March, with a large concentration of DeFi applications.

As Cointelegraph previously reported, sunshinecrypto.com/news/solana-sol-price-rises-as-airdrops-attract-new-users-to-the-network”>demand for the SOL token is rising as more Solana-based projects issue airdrops to existing users. The hunt for cheaper Ethereum alternatives has also been cited as a potential reason for the recent growth in Solana’s network activity.