The amazing comeback of the SOL token, with a 100-fold increase, what is the secret behind it?
The fourth quarter of this year is definitely a season of harvest. Although 2023 is coming to an end, the rise of SOL is within my expectations. At the end of October, the spot trading volume of the community's old iron more than doubled, reaching nearly 36. He continues to hold it. It is expected to reach $300 in 2024.
Solana (SOL)
Solana (SOL) is the native token of the Solana network, used to pay transaction fees and provide fuel for the Solana network.
The Solana network was launched in 2020 and is a decentralized open-source blockchain network designed to improve speed, efficiency, and scalability, capable of processing up to 65,000 transactions per second.
- Performance of Solana in the first half of 2023
According to the Solana Foundation's network performance report released on July 20, 2023, the performance of the Solana network significantly improved in the first half of 2023, including normal operation time, the ratio of non-voting transactions to voting transactions, block generation time, and average and maximum number of transactions per second. During this period, the Solana Network successfully released v1.14 and underwent a network upgrade. The introduction of new state compression methods made it possible to store data directly on the chain, effectively reducing costs. The Solana network is operated by global independent validators, making it one of the most active decentralized proof-of-stake blockchains in the world. Highlights of the network upgrade include better handling of high traffic, compression of NFTs, and state compression functionality.
- Market performance
From May to September 2023, SOL performed very well in the market. Its price quickly soared from a relatively low $8 to an impressive peak of $61. This price increase was related to several previous controversial events, including issues with FTX, SEC investigations, and network interruptions, which led to SOL entering oversold territory. In addition, Ripple's previous victory in court avoided being labeled as a security token, which to some extent boosted market sentiment and also helped Solana successfully break free from the symmetrical triangle pattern. This breakthrough caused the price of Bitcoin to soar by 50% in one day.
- Conclusion
As a high-performance public chain, Solana occupies a significant position in the cryptocurrency field. Its unique technical architecture, high scalability, and low transaction costs make it stand out. With the support of its technical foundation and community, Solana is expected to continue to lead the trend in the coming years, bringing more innovation and opportunities to the entire cryptocurrency field. SOL may also return to its peak, showing a different performance in the bull market.
Finally, there are many things that have not been written, such as specific opportunities and specific decisions, which are often not summarized in one article. For more information, follow the official account: Cryptofish, sharing wealth and insights for free every day.
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