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.

Last 30 days value Sol Data shows that the increase exceeded 88% Coin Gecko – making it the fastest growing among major cryptocurrencies.

Even though it involves collapsed cryptocurrency exchange FTX and its founders being criminals Sam Bankman-FreedExperts say SOL’s recent price increase is not surprising.

Solana is considered a competitor to Ethereum and aims to become the network of choice for blockchain applications and experiences.Ethereum advocates claim the network smart contract This flagship product ensures greater stability and security, but Solana offers cheaper prices and faster speeds for those who want to build or use lending protocols, games, and other applications. technology Blockchain.

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 platform Blockchain Becoming more and more popular in the community cryptocurrency. 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 Stablecoin U.S. Department of Agriculture via 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.

Last September, two giants, FTX and Visa, chose Solana as the platform for their projects, and this rapidly 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 attracted investor attention over the past month Bitcoin The entire cryptocurrency market started to rise. Following news that FTX may sell a large amount of SOL, SOL is considered an oversold asset compared to other assets.

But according to Prismatic Capital founder and CIO Patrick Felder, the information was 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.

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