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- Solana emerges as top-performing altcoin in 2024.
- Despite initial skepticism, Solana leads mainstream adoption of blockchain technology.
- Solana’s stability, reduced outages, and increased decentralization make it a resilient network
Solana has shown remarkable resilience, and it’s easy to see why analysts are predicting a significant price increase. Virtual Bacon recently took to social media to highlight several compelling reasons why Solana is set for a surge.
🚀 Solana's Explosive Year! 🚀
— VirtualBacon🦇🔊 (@VirtualBacon0x) July 10, 2024
From hitting new all-time highs to potential ETF news, $SOL is gearing up for a big run-up.
I'll break down the latest updates, my technical analysis, and give my updated Solana Price Prediction.
Let’s dive in🧵👇
Firstly, Solana has been the top-performing altcoin in 2024, breaking past the $200 mark. This achievement alone has caught the attention of many in the crypto community. The buzz around a Solana ETF has also added fuel to the fire. With meme coins pumping and major network updates on the horizon, $SOL seems primed for a significant boost.
Many were skeptical at first, but Solana’s explosive user adoption is turning heads. It’s leading the charge in bringing blockchain technology to the mainstream. The upcoming Solana ETF and the Fire Dancer upgrade are key catalysts driving this adoption.
These developments are poised to attract even more users and investors to the platform. Reliability is another factor playing in Solana’s favor. In 2022, the network experienced four major outages, a worrying sign for any blockchain. However, in 2023, there was only one outage.
In 2024, the Solana ecosystem had just one outage in February, putting its reliability on par with other major blockchains. This improvement in stability is crucial for gaining and maintaining user trust.
Another significant point is the departure of FTX and Alameda’s large SOL holdings. This has opened the door for more validators to join the network. Solana now boasts over 1,500 validators globally.
In practice, Solana is more decentralized due to having fewer large staking pools. This increased decentralization strengthens the network and makes it more resilient. When it comes to speed, Solana stands out. The new ZK Compression upgrade drastically enhances scalability and lowers barriers to entry.
Currently, the Solana network has over 40 million active addresses monthly, double that of Ethereum. Daily transactions are 15 times higher than Ethereum’s, although the total value locked (TVL) remains lower.