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SOL burn? Solana price hits $100 for the first time after mysterious ‘Ignition’ event revealed

Published 08/30/2021, 03:31 AM
Updated 08/31/2021, 05:40 AM
SOL burn? Solana price hits $100 for the first time after mysterious ‘Ignition’ event revealed

Solana (SOL) prices rose on Monday as traders speculated on what appeared to be a key but mysterious feature launch scheduled for later this week.

The SOL/USD exchange rate climbed to a new record high of $103.06 following a 9.35% intraday rally. The upside move surfaced days after Solana introduced “Ignition” on its official media handles. However, the team provided little details about the tool but prompted the community to guess that it would be about burning SOL tokens.

Snapshot from Solana's official Reddit community page concerning Ignition. Source: Reddit
SOL/USD daily chart. Source: TradingView

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