Solana Breaks $120 Barrier After Steady September Rally
Solana's price broke through the $120 barrier for the first time in nearly eight months on September 25, marking a significant milestone in its recovery. This move comes after a steady September rally, with the token initially accelerating above $118 before pushing through $120 and briefly testing $122.33.
The Solana Foundation reported that network activity has expanded across various sectors, including stablecoins, tokenized assets, and payments. The network's stablecoin market capitalization reached approximately $17.39 billion, a new record high. Additionally, real-world asset value surpassed $4.5 billion across around 350,000 addresses in August.
The Solana Foundation has been actively expanding its institutional and payments teams, with two new executives joining the team this week. Rachel Conlan, former Binance executive, became chief strategy officer, overseeing institutional partnerships and ecosystem strategy. Jamal Raees, former Polygon Labs executive, was appointed general manager of payments, working with payment companies and businesses using Solana as payments infrastructure.