Solana Eyes Recovery as Vitalik Buterin calls it the ‘most scalable blockchain’
[gpt3]rewrite
Ethereum (ETH) co-founder Vitalk Buterin recently referred to Solana as the most scalable blockchain while addressing the audience at a conference. This comment has fueled the ecosystem as the comment seems to imply that Buterin recognizes Solana’s superiority over ETH in terms of scalability.
This bold statement from the face of the Ethereum boss is likely to cause SOL, the token used by the blockchain, to post some recovery in terms of price and market capitalization.
Solana is an advanced blockchain infrastructure that promotes scalability and hosts decentralized applications (dApps), and associated tokens. Notably, it leverages an algorithm known as Proof-of-History (PoH) along with the popular Proof-of-Stake (PoS) consensus mechanism to make transactions faster and more secure. With PoH, the network can keep up with a controllable timing structure.
Ethereum, on the other hand, has been a prominent pioneer in the blockchain ecosystem, and has also facilitated dApps, DeFi and smart contracts. However, it has one overbearing obstacle – scalability. Its slower transaction speed and high volumes have translated into network congestion and exorbitant gas fees.
When it gets tougher, it leads to network outages. At this crucial time, Solana appears to be the most appropriate solution.
Solana maintains $20 support level broader uncertainty
For some time now SOL has been on one bearish crash and remained undisturbed by the increased altcoin network usage.
The increase in the number of new users has not had a significant effect on SOL’s price. The market price has fluctuated between $19 and $20 according to data from CoinMarketCap, and at the time of writing the altcoin was trade to $20.05 after almost 2% gain in the last 24 hours.
It is believed that extended selling pressure may have influenced the loss of over 24% that SOL has lost in recent weeks. In the first week of May, Solana’s price broke through the $22.8 resistance level, but it was short-lived. The following days saw SOL fall to around $21.33. Unfortunately, the downtrend continued until it reached $20, which became effective
Support level.
The comments from Vitalik Buterin and the sheer emotions it is ready to raise are believed to be a catalyst in the temporary price rise for Solana.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
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