In a recent episode of the crypto analysis program Coinsider, an analyst made a bold statement about Solana (SOL), a high-performing blockchain platform, which is broadcasted on YouTube. The analyst’s optimistic view on Solana’s upward trend is based on four key points. Here are the details!
4 Critical Developments in Solana!
The expert crypto analyst emphasizes four key points in SOL’s rise. These include Solana’s resilience, developer environment, readiness to support projects, and unique consumer strategy. According to Coinsider, despite the collapse of FTX, Solana’s biggest supporter, the blockchain platform has shown remarkable resilience. Solana’s price dropped from $250 to approximately $10, a 96% decrease, leading many to believe that Solana was dead.
However, the analyst noted that Solana’s daily active addresses have remained stable at around 300,000 throughout 2023, reaching the same level as Ethereum and Polygon. Solana’s trading volumes have also surged to pre-FTX levels, and it ranks fourth in terms of daily fees generated.
Comparison with Crypto Giants!
These factors have contributed to a 150% increase in Solana’s price since January 2023, bringing it back to the top 10 on CoinMarketCap. The analyst highlighted the growing developer scene of Solana, with the number of full-time developers ranking fourth among all blockchains. This could mean that more developers are working on Solana than on Cardano, Avalanche, and even Bitcoin.
The analyst also mentioned Solana’s new compiler, Solang. Solana is ready to support new projects in its ecosystem. Promising projects in the DeFi sector such as Judo, Margin Phi, and Cipher were discussed. Solana has created a $150 million fund to develop projects with the launch of games like Star Atlas and BR1 Infinite in the GameFi sector. Solana is also developing a niche called d-PIN (Decentralized Physical Infrastructure Networks) and significant projects like Helium are establishing a decentralized wireless network.
