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Solana (SOL) reached a new all-time high with a price of US $245.69. SOL briefly surpassed Tether as the fourth-largest cryptocurrency by market value, according to CoinGecko data.

Solana’s rise in cost comes before the inaugural Breakpoint conference coordinated by the Solana Foundation. The conference will be held from Nov 7 to Nov 10 in Lisbon, Portugal.

Launched in March 2020, Solana has been among the most popular blockchains, with Solana’s price surging by 16,000% since earlier this year. Solana is presently trading at US $241 since writing, with a market cap of US $72.26 billion. SOL follows close behind Tether, which has regained its place as the fourth-largest cryptocurrency with a market cap of US $72.29 billion, according to CoinGecko data.

According to digital asset manager CoinShares, institutions have backed Solana pumping US $15 million into investment products. This brings the total Solana assets under management to about US $200 million.

Solana has made massive strides in decentralized financing (DeFi) and non-fungible tokens (NFTs). SOL is the third-largest blockchain in regards to total value locked (TVL). The total locked into DeFi protocols has increased by 1,000% from August, according to DeFi Llama, totaling US $14.86 billion. It also registered US $240 million in NFT trades and offers a variety of upcoming games, according to DappRadar’s Oct 2021 industry summary.

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