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Solana’s Soaring? Everything You Need to Know About in 2024

August 2, 2024 by sherring2 Leave a Comment

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Solana (SOL) is getting the crypto fans buzzing, with analysts saying there could be a 450% rise to $840. You can see why people are getting excited. If the Solana price does increase by 450%. That would mean if you invested $100, you’d make $450; that’s not a bad ROI.

Solana remains one essential part of the blockchain landscape as we move into 2024 with big releases and market movements. Read on to learn everything you need to know about Solana in 2024.

Market Trends and Prices

Solana prices have been bullish lately. Solana’s price in the last 24 hours (at the time of writing) surged over 3%, trading at around $139.89 with a market capitalization above $64 billion, which positions this digital asset as the fifth largest by market cap.

Key Numbers:

  • Change in 24h: +3%
  • Trading price now: $139.89
  • Market cap: $64 billion

While the brief upward movement this morning is undeniably positive, many investors should note fluctuations in sentiment move away from higher trading volumes experienced by SOL over the past week. But technical indicators are still broadly positive, suggesting more upside.

Solana’s High-Speed

So, to speak more neutrally regarding transaction speeds, Solana has been miles ahead of its competitors, mainly Ethereum.

Solana reached a new milestone of 1005 TPS of true transactions per second. That’s a massive advantage over the maximum TPS ever recorded on Ethereum, at 62. It’s the result of the powerful architecture and handling capabilities of Solana, which support massive amounts of transactions.

Statistics

  • Solana’s highest TPS ever recorded: 7,000+
  • The record TPS on Ethereum: 62.
  • Solana TPS milestone current: 1,005

Solana can also run DApps and can handle 65,000 transactions per second, an incredible capacity that frees it from many common congestion problems faced by other blockchains, especially Ethereum. Sorry, Ethereum, it’s true.

Solana’s Technological Edge

One of the primary causes behind Solana’s victory is its distinctive technical architecture. It uses leading technologies like Proof of History (PoH) and Tower Byzantine Fault Tolerance (BFT) to ensure high throughput and efficiency.

Proof of History (PoH)

PoH (Proof of History) is a new (well, not new anymore) simple POS consensus provided by Solana through a Proof-of-History verifiable delay function, encrypting sequence data that enables the network to operate with higher efficiency. It also lowers the palatial operation loading currently existing node synchronization.

Supplies a Reliable Timeline

Proof of History is a cryptographic clock or timestamp that adds order and more verifiability to transaction lockup. That means each transaction can be recorded efficiently, creating a connected, unmitigated historical database. This structured list of events allows nodes to agree on the order in which transactions have occurred without communicating with each other all the time, making them more reliable and secure.

Improves Network Performance

PoH provides a pre-verified sequence of events, massively alleviating the overhead usually associated with syncing more nodes. That decreased load in communication also enables the network to reach higher throughput, processing thousands of transactions per second at scale. This efficiency is necessary to degrade the speed and scalability of the network.

Tower BFT

The historical record given by PoH allows Tower BFT to have faster transaction confirmation. It makes consensus more efficient and easier and enables higher transaction throughput.

Using PoH to Optimize Transaction Confirmation

Tower BFT uses the advantages of PoH to help speed up consensus by reducing the time needed and making it more predictable. The historical record allows validators to vote on an agreed-upon blockchain version so that timely and unchangeable confirmations can be obtained. This method eases how we reach consensus and simplifies it.

Daily Transactions and Active Addresses

Back to the numbers. This has been picking up in terms of daily transactions too, Artemis data shows. Right now, blockchains are processing around 47.3 million transactions a day. Even with the increased volume, daily active addresses on Solana have been stagnant.

Some Data insights:

  • Daily transactions: 47.3 million
  • Active addresses: stagnant growth

One possible explanation for the gap between transaction volume and active addresses is that transactions may be more automated or come from a smaller portion of users with higher activity than in broader networks.

Solana Spot ETFs and Market Impact

Pending approval for a Solana Spot ETF has the crypto community talking. After approvals for Bitcoin and Ethereum Spot ETFs, VanEck and 21Shares file applications for Solana Spot ETF. Approval of these ETFs would represent a major milestone for Solana, potentially helping the total value locked in its ecosystem swell further while also serving as an avenue for institutional investment.

Potential Impact

  • Increased market legitimacy
  • Institutional investors
  • Enhances the market’s visibility and stabilizes it.

We have seen some proof of this for Solana, with the market already seeing anticipatory price rallies attributed to potential approval as a spot ETF. It’s highly unlikely that a coin like Solana wouldn’t be accepted for spot EFTs.

Solana’s operations have become more rapid and dynamic – you’d be stupid not to consider investing in Solana right now. Both investors and developers will have to closely follow Solana. It has to be one of the leading cryptocurrencies on the market. 

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