Solana Eyes Recovery as Vitalik Buterin Calls it the 'Most Scalable Blockchain'
This bold statement by the face of Ethereum boss is likely to cause SOL, the token utilized by the blockchain, to print some recovery in terms of its price and market value.
Solana is an advanced blockchain infrastructure that promotes scalability and accommodates Decentralized Applications (dApps), and associated tokens. Markedly, it leverages an algorithm known as Proof-of-History (PoH) together with the popular Proof-of-Stake (PoS) consensus mechanism to make transactions faster and more secure. With the PoH, the network can keep up with a verifiable timekeeping structure.
Ethereum, on the other hand, has been a prominent pioneer in the blockchain ecosystem, also facilitating dApps, DeFi and smart contracts. However, it has an overbearing impediment – scalability. Its slower transaction speed and large volumes have translated to congestion of the network and outrageous gas fees.
When it gets tougher, it leads to network outages. At this crucial time, Solana seems to be the most appropriate solution.
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Must ReadSolana Maintains $20 Support Level Broader Uncertainty
For some time now, SOL has been on a bearish slide and remained unperturbed by the increased network usage of the altcoin.
The increase in the number of new users has had no significant effect on SOL’s price. The market price has been fluctuating between $19 and $20 according to data from CoinMarketCap and at the time of this writing, the altcoin was trading at $20.05 after almost a 2% gain in the last 24 hours.
It is believed that extended selling pressures may have influenced the over 24% loss which SOL has lost in the past weeks. In the first week of May, Solana’s price broke through the $22.8 resistance level but it was short-lived. The days following saw SOL plummet to around $21.33. Sadly, the downward trend continued until it reached $20 which became the current
Support level.
The comments from Vitalik Buterin and the sheer sentiments it is poised to raise are tipped to be a catalyst in the temporary price uptrend for Solana.