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-92.01 (-68.95%)
06:30:38 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Cap CAPUSD Crypto 2,457,349 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -92.01 -68.95% 41.44
High Price Low Price Open Price Prev. Close 52 Week Range
133.91 41.03 133.39 133.45 72.73 - 46,632.16
Exchange Last Trade Size Trade Price Currency
UNSW3 06:20:11 0.001359 41.06 USD
Price x Volume Volume Base Symbol Related Pairs
0.056298 0.001359 CAP CAPEUR CAPGBP CAPBTC

SOL Surges Nearly 7% As Team Preaches A Better Future For Solana

02/02/2023 2:00pm


After Solana’s unfortunate connection with the FTX crash last year, sending SOL below $10, the crypto asset has been thriving to rebound with the team’s help. The Solana co-founders, in a blog post published earlier this week, commented on the ‘crypto market 2022’ while also preaching a better future for the Solana ecosystem. The co-founders said in the blog post: 2022 saw perhaps the steepest decline ever in the general public’s trust in crypto. Much of the decline can be attributed to companies that did not practice the ideals of web3, and the disastrous events that followed are a direct result of their betrayal of the values we hold dear. Solana Growth Despite The Bear Market While praising the network for the survival of the FTX contagion, the Solana co-founders outlined Solana’s growth over the bear market. According to the blog post citing a recent report from Electric Capital Developer, the network has recorded an 8% year-over-year growth of full-time developers on the network. They also added: The developer numbers on Solana are up 83% as of Dec. 2022 from a year earlier. There are now more than 2,000 monthly active developers building on Solana — second in raw numbers only to Ethereum.” Furthermore, part of the product of the bear market effect on Solana included a massive increase in the number of validators and adoption of the network and a second validator client introduced by a third party. It claims up to 0.6 million transactions per second in a test environment. Related Reading: Why This Analyst Thinks Traders Should Not Be Bearish On Solana Notably, the founders touted Solana’s transaction high throughput stating that it matches that of the New York Stock Exchange or other centralized computer networks. The co-founders said this feature is enough to accelerate crypto potential even further. We believe that Solana making blockspace abundant and cheap will leapfrog crypto into its full potential. The Past The Past Moving Onto The Next Undoubtedly, the FTX saga was so contagious and disadvantageous that it brought down every single firm of the project connected to it. Though the unfortunate event affected Solana significantly, the team is willing to leave that in the past and move on to the next thing looking forward to what the new year has in store for the ecosystem. Solana co-founders said: We believe 2023 will be a year where the Solana community continues to take the reins and continues to build the framework for a decentralized and permissionless economy. They further outlined their vision mentioning their aims to make one billion people in the world self-custody their private keys while reflecting on the network’s mobile phone, Solana Mobile. The founders added Solana aims to move toward a better, decentralized web and make on-chain transactions as cheap and affordable as ever. Related Reading: Solana (SOL) Is The Biggest Opportunity This Cycle, Venture Capitalist Claims Solana Surges Nearly 7%  The blog post from the co-founders and the increasing momentum on SOL has brought reasonable hopium (hope) to the Solana community. The network’s native token seems encouraged as it has spiked more than 15% in the last 14 days and nearly 7% in the past 24 hours.  SOL has climbed multiple higher highs to get to its current market price, which sits above $24. The token briefly tapped into a monthly high in the past weekend, surging to $26.75, the highest price seen since the FTX crash last November. While the token has surged 121% over the past months, it is still far away from its peak of $259 seen in November 2021. At the time of writing, SOL is in a bullish trend, up by 6.1%, with a trading price of $24.92 and a 24-hour trading volume of $1.1 billion. Featured image from Unsplash, Chart from TradingView

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