Solana (LEFT) has overtaken many crypto currencies with significant gains in a year. The local crypto currency of the Solana network, SOL, has reached an all-time high of $ 248 as of today. In this context, the popular crypto currency has increased by approximately 15.300% since the beginning of this year.
Analysts, Solanahe explained the impressive performance of the with important factors. Recently, Scott Melker, the host of The Wolf Of All Streets Podcast, said about SOL: “Solana is an important competitor to Ethereum with its price well below its price and high speed of transaction speed. The rapid increase in value is largely the result of crypto games and successful NFT launches. Developer operations and projects are being built on Solana. This, in turn, will manifest itself in the price and adoption boom.”
Crypto currency its investor, Marius Rupsys, decried that the platform combines what was previously not possible and has a wide range of use cases. The high-throughput platform provided significant visibility with a large number of processing capabilities. In the month of September Solana, it was processing 400,000 transactions per second.
However, the high demand caused disruptions in the network and caused it to remain offline for 17 hours. The verifying community solved the problem on the same day, while the flow of information was provided to users.
Other Reasons Behind the Scenes of the Solana Performance
On the other hand, other expert analysts consider the price increase in the value of SOL Ethereum he attributed it to the high transaction fees on his network. Jason Lau, chief operating officer of the crypto currency trading platform Okcoin, noted that during periods of high transaction fees for Ethereum, Solana recorded a rally. Lau, Ethereumhe noted that the average transaction fees in the have increased by more than 2000% since June. As a result, individual investors are turning to fast and cheap alternatives such as SOL for smart contract payments.
As of the moment of writing this article, Solana is trading at $240. The SOL rally has led the popular crypto currency to fourth place in the market value ranking.