Solana (SOL-X) broke a new all-time high, overtaking Cardano (ADA-X) and Tether's (USDT-X) stablecoin to become the fourth highest ranked cryptocurrency by market cap.

What Happened

Solana broke $259 on Sunday reaching a market cap of $78.2 billion — overtaking USDT's current market cap of $71.8 billion and Cardano's of $66.4 billion valuation, according to CoinMarketCap data.

This also means that the Solana network is now worth more than 3D modeling software developer Autodesk Inc. (ADSK), financial rating behemoth Moody's Corporation (MCO), and insurance giant AXA (AXAHF).

Solana broke its previous all-time high after Solana Ventures — a venture capital firm dedicated to projects that make use of the network — announced on Friday that alongside FTX and Lightspeed Venture Partners it would invest $100 million into Web 3.0 game studios and the technology sector.

Solana hopes the move will result in video game developers building on the protocol and advancing its adoption.

SOL Price Action

As of press time, Solana has been trading at around $248 after losing over 2.5% over the last 24 hours according to CoinMarketCap data.