What happened

Top cryptocurrencies have been enjoying incredible bullish momentum recently, and Solana's (SOL 4.62%) SOL token is benefiting from the surge. The SOL token had climbed 5.8% over the past 24 hours as of 7:30 p.m. EDT on Friday, and was up 21% over the last seven days of trading.

There doesn't appear to be any token-specific news driving the price of SOL higher, but the overall crypto market has been posting big gains this month. New blockchain applications and strong rallies for Bitcoin and Ethereum appear to be bolstering confidence in the overall space, and Solana's SOL token has hit a new lifetime high amid rising bullish sentiment for cryptocurrencies.

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Image source: Getty Images.

So what

Solana's SOL token has posted staggering gains across 2021's trading, and it stands as one of the best-performing names in the crypto space. 

Solana Price Chart

Solana Price data by YCharts

Solana's blockchain has been attracting attention as a platform for building decentralized finance applications, non-fungible tokens, and other services. With investors looking to cryptocurrencies as a potential safe haven amid threats from inflation and other potentially destabilizing market factors, SOL is benefiting from rising bullish sentiment for the broader crypto market. 

Now what

Solana's SOL token now has a market capitalization of roughly $59.3 billion and ranks as the sixth-largest cryptocurrency by market cap.

The Solana blockchain offers potential utility for developers seeking a network that can support highly scalable applications and relatively fast transaction processing times, and it's possible that demand for these capabilities and increasing optimism surrounding cryptocurrencies will help to drive the SOL token price higher. However, investors should also keep the token's relatively high-risk profile in mind and understand that it will likely continue to see volatile pricing swings -- for better or worse.