Solana (SOL) price hits $100 after the twitter handle for platform reveals a mysterious ‘Ignition’ event. The event is set to go live on Tuesday.
Solana raised 9.35% in a day. It was trading at $103.06 on Monday. The ignition event was unleashed on August 27th. The company has created a page on site for the event.
— Solana (@solana) August 27, 2021
The official twitter handle or the platform page provided little to no details of what ignition is about. The community member guessed it to be a token burning event.
Solana is public blockchain. SOL, the native currency of the blockchain, serves two purposes. Firstly, it allows users to stake the coin. Secondly, the transaction fee on the blockchain is paid in SOL. The protocol on the chain executes the process of burning. A small portion of transaction fee is burned to make the supply of SOL limited to 500,000,000.
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The ignition event is speculated to be more about the launch of NFTs or any other new project. The caption for ignition post is, “The sky’s the limit. What will you launch?”
However, the news sells in crypto space. After the tweet of SOL ignition, the price of currency jumped 17.26% on the same day. Whereas the SOL/USD price spiked another 9.2% on the following day. SOL dropped on the following day.
Solana had a speedy price rally in August as Bitcoin’s price rebounded. Bitcoin dropped to $30,000 on July 20th. Altcoin season set in following the BTC upward trend. Coins like SOL, ATA, and others pumped to unexpected heights.
SOL price is up by more than 200% in six weeks. Many think that the coin is overvalued and a price correction is around the corner. Nevertheless, the ignition event will keep traders interested in the coin for a day or two.