Solana ($SOL) Up Over 21%, Analyst Says ‘Reaching for All Time Highs Soon’

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On Sunday (August 15), $SOL was the top performing alt coin among the top 30 cryptoassets by markets with a 21% gain vs USD in the past 24-hour period, which has helped it to capture the #11 position in the crypto market cap table.

$SOL is the native token of the Solana blockchain. Solana is “an open source project implementing a new, high-performance, permissionless blockchain” that is maintained by the Geneva-based Solana Foundation.

Solana protocol was created by Solana Labs, which is backed by investors such as Multicoin Capital, Slow Ventures, Foundation Capital, 500 Startups, and Abstract Ventures. Anatoly Yakovenko is the creator of Solana and Greg Fitzgerald is its principal architect.

Solana’s documentation states that it’s possible for a centralized database “to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.” The Solana team hope that one day they will achieve that “theoretical limit of 710,000 transactions per second.” Currently, Solana can process around 50,000 transactions per second.

To achieve this kind of speed, Solana relies on a combination of two consensus mechanism: Proof-of-History (PoH), which handles the bulk of the transaction processing, and Proof-of-Stake (PoS), which is responsible for validating the blocks produced by the PoH process.

If you want to learn more about Solana, you may find the following article quite helpful: “Solana, The Goddess of light(speed transactions)“.

Earlier today, popular pseudonymous crypto influencer “The Crypto Dog” told his over $569K followers on Twitter that he believes that the $SOL price will soon set a new all-time high (ATH). It is worth noting that, according to TradingView, on crypto exchange FTX, the current ATH price, which is $58.3975, was reached on May 18.

Meanwhile, another pseudonymous crypto influencer (“Alton Sherpa”) called $SOL’s recent price action “very impressive”.

It is worth mentioning that on April 22, crypto investor Adam Cochran explained why he believes that Solana could become “a top 3-5 project” and how it could even help Ethereum ($ETH) in the long run.

Currently (as of 21:00 UTC on August 15), on crypto exchange FTX, SOL-USD is trading around $52.7200, up 21.28% in the past 24-hour period (and up 83.82% in the past one-month period).

One-Month SOL-USD Price Chart (FTX) by TradingView

Also, today, the Solana Foundation announced that Breakpoint, which is a conference dedicated to celebrating the achievements of the Solana community, is being held November 7-10 in Lisbon, Portugal.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Image by “LauraRinke” via Pixabay



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