According to new data provided by analytics firm Messari, Solana reportedly has appreciated approximately 15,300% in the past year. The native cryptocurrency of the project, SOL, remains one of the trending coins at the moment. After reaching its ATH level of $247 on Nov. 4, it has now regained up to $240. Is it because of Ethereum (ETH)? Analysts answer…
Factors triggering the rise of SOL
Analysts believe there are several factors that drove the SOL price to its current highs. Among these experts, cryptocoin.com There is also podcaster and trader Scott Melker, whose analysis we share. Melker describes Solana as a legitimate competitor to Ethereum, offering extremely fast transactions for only a fraction of the fee paid in Ethereum. According to him, SOL’s stellar growth this year is largely due to crypto games and successful launches of new NFTs.
The developers have a great effort in this performance. The team has been building new projects on Solana for several years, contributing greatly to the explosive rise of the SOL price and increased community adoption. One of the factors affecting the rising price is Solana’s ability to process large amounts of transactions per second. Solana hit a capacity of 400,000 transactions per second in September, two months ago.
Ethereum pulls SOL higher
However, several analysts claim that the recent gains in SOL price are due to the rise of the second largest crypto Ethereum. This is because gas fees on that platform increase with the price of ETH, as Solana offers more transactions per second at much lower fees as mentioned above. Therefore, investors are turning to ETH alternatives due to these factors; also, the number of NFTs posted on Solana is increasing.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.