InvestAnswers, one of the popular analysis channels of the cryptocurrency world, shared an important catalyst that could increase the price of Solana (SOL).
Although the analyst sees a number of different events that could increase the price of SOL, he agrees that it is riskier than Ethereum. As Koinfinans.com reported, Ethereum already has a very strong network and is one of the pioneers in the blockchain field. However, according to the analyst, people’s expectations and preferences have also begun to change.
Pointing out that people now mention ETH and SOL together, the analyst believes that a rise in the Ethereum price may also have a positive impact on the Solana price. The SOL network currently continues to threaten ETH’s market share in areas such as tokenization.
The analyst believes there are a number of important developments ahead for SOL, including Solana Pay, which recently integrated with Shopify, and Saga, the project’s crypto-friendly smartphone.
However, Solana Pay, Saga phone and decentralized app store are the biggest advantages. They have EVMs (Ethereum virtual machine) and SVMs (Solana virtual machine) built on Solana, so now SOL-to-ETH bridging is very capable.
Firedancer and a million transactions per second, this is coming. They hope to exit beta by the end of this year and launch in 2024. But this will bring flexibility, efficiency, decentralization and security. All of this is built on C++, while Ethereum is built on Rust… And if both are up and running, there is no risk of downtime ever again.
NEWS CONTINUES BELOWAlso, cost efficiency and scalability, Visa partnership, great tokenomics, gaming, tokenization of the world.
Solana was trading at $24.18 at the time of writing, up 9.27% in the last 24 hours.