The Solana blockchain is experiencing massive growth with huge price increases as various DApps, Defi Ventures and Stable are added to the network.
The high gas fees and slow transactions of the Ethereum network have given way to many other Layer 1 solutions to gain market share from. One of them is Solana (SOL), which has received a lot of attention in the market lately.
According to Trading View, the price of SOL is up 195% last month, from a low of $ 12.19 on March 26 to a new all-time high of $ 36.10 on April 19, with a record 1.4 Billion USD. It has now hit bullish momentum of 16.59% in the past 24 hours.
The launch of multiple projects on the blockchain, ranging from legal defibrillator logs to pump and dump air drops that led speculators to Solana’s exchange, sparked Solana’s strong success over the past month.
Solana convincing properties
In the midst of the great competition from other blockchains such as Cardano, Polkadot and Ethereum, the exclusively offered functions speak for Solana.
One of the features is its capacity to process 65,500 transactions per second (TPS), which is significantly faster than Ethereum’s current average of 18.3
Going further is the great earning opportunity that attracts many users. It combines a consensus on the historical consensus with the underlying consensus on the use of the blockchain so that token holders receive a return on their tokens while continuing to participate in the network.
The blockchain is also supported by various leading wallets such as Ledger, Blockfolio, and Exodus.
The most recent collaboration with Phantom Wallet will soon launch an NFT ecosystem on the blockchain.
At the time of writing, Solana is trading at $ 37.17 and currently ranks 18th in market cap.