Ethereum competitor Solana is back

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Ethereum competitor Solana is back
Ethereum competitor Solana is back

Solana is once again the talk of the crypto community, and its native token, SOL, is benefiting from this attention. The value of SOL rose by more than 9% today, reaching a 24-hour high of $44.41.

According to data, the value of SOL has surged by more than 88% in the past 30 days Coin Gecko – making it the fastest growing among major cryptocurrencies.

Despite the involvement of collapsed cryptocurrency exchange FTX and its criminal founder Sam Bankman-Fried, experts say SOL’s recent price rise is not surprising.

Considered a competitor to Ethereum, Solana aims to become the network of choice for blockchain applications and experiences. Ethereum advocates claim that this leading smart contract network ensures greater stability and security, but Solana offers more for those who want to build or use the protocol for lending, games, and other applications using blockchain technology. Cheap prices and faster speeds.

Solana’s gas fee is currently 0.000522 SOL; while the average fee for a transaction on Ethereum is $6.58.

As a result, Solana has attracted the attention of Visa, Shopify and developers looking to build on the network.

Solana is a blockchain platform that is becoming increasingly popular in the crypto community. With its ability to process large amounts of data and conduct transactions quickly, Solana has attracted interest from investors and developers.

Solana is focused on enhancing network processing capabilities while simplifying the developer experience. This creates the opportunity to process large amounts of data on the blockchain. This helps increase the value of SOL tokens.

Additionally, collaborations with key partners and institutional interest are driving Solana’s value. For example, payment platform Solana Pay has integrated with major e-commerce platform Shopify. This allows merchants to accept the stablecoin USDC through the Solana blockchain. This is an important step because Shopify has 10% of the U.S. online commerce market, equivalent to approximately $444 billion in global transactions.

Although Solana has been criticized for the decline of FTX and the overall cryptocurrency market, there are still positive comments about the project’s potential. Solana continues to attract investor and developer interest and is expected to continue to grow in the future.

In September last year, two giants, FTX and Visa, chose Solana as the platform for their projects. This fast and open blockchain received widespread attention. Leading cryptocurrency exchange FTX has selected Solana to launch a new Equivalent Asset (ETF) trading system. Shortly after, payment company Visa also announced that it had chosen Solana to develop its stablecoin. These developments were seen as positive and attracted new investment into the project.

Solana has captured the attention of investors over the past month as Bitcoin and the cryptocurrency market in general have begun to rebound. Following news that FTX may sell a large amount of SOL, SOL is considered an oversold asset compared to other assets.

But according to Patrick Felder, founder and chief information officer of Prismatic Capital, these messages were huge FUD (fear, uncertainty and doubt) and triggered a massive short squeeze. In the trading world, a short squeeze occurs when an asset’s price rises sharply as short-selling speculators (those who are betting that the asset’s price will fall) exit that position.

Felder said this happened to SOL because many people were betting that Sam Bankman-Fried’s FTX would impact the asset’s price. Breakpoint, the annual Solana community meeting, was held at the end of October, which affected the sharp rise in SOL.

Coincidentally, after the FTX incident last year, the price of SOL fell by 60% in the following week. Now, however, the currency has staged an impressive recovery.

General Bitcoin News

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