News of Solana crossing the price of 30 dollars. Cryptocurrencies have been rising for some time under the influence of the approval flow of Bitcoin ETFs. Solana is one of the most profitable digital currencies in the market these days. This cryptocurrency continued to grow along with the rise of Bitcoin until it crossed the $30 mark, although it also increased to the $34 range. This coin, which experienced prices below 10 dollars at the peak of its fall in 2022, currently has a price above 30 dollars. In order to get a stronger analysis of the future price of Solana, it is better to analyze the factors that caused the price of Solana to grow during this period.
Factors affecting the price of Solana.
There are several factors that change the price of Solana. I will name several factors here. If you are considering a factor that changes the price of Solana, mention it at the end. One of the most specific factors hidden in the organizational structure of the Solana blockchain. The Solana blockchain, like Ethereum, is one of the best platforms for building cryptocurrency applications today. Also, receiving a low fee for building and implementing crypto financial programs attracts the eyes of every project founder.
Solana has high scalability. According to the foundation of this coin, Solana can confirm 70,000 transactions in one second. This speed is much faster compared to Ethereum, although with the launch of ETH2, the speed of confirming transactions in the Ethereum network has increased. Speed is very important for traders in cryptocurrency
Solana’s entry into the NFT field. Exchangeable tokens are the same as NFTs. These tokens retain the right of ownership of a work. Solana’s entry into the realm of NFT tokens is a driver for Solana’s price. NFT tokens require Solana to move.
The projects that are built on Solana are mostly successful. Serum decentralized exchange is the result of two companies, FTX and Alameda Research, which work on this cryptocurrency. Many DeFi and decentralized applications have been able to operate on the Solana network so far. According to the Solana team, more than 400 projects have been built on the Solana network.
Find alternatives to Ethereum. The Ethereum network was the first cryptocurrency on which another cryptocurrency could be built, now with the congestion and higher fees of this cryptocurrency, developers and investors of cryptocurrency projects are looking for an alternative to Ethereum. Under these conditions, Solana will be a better alternative.
Another factor affecting Solana’s price is the establishment of a communication bridge between blockchains, which Solana is responsible for. Blockchains do not yet have the ability to communicate with each other, but Solana can connect them like a bridge.
The existence of Solana currency in most of the centralized and decentralized exchanges and the transparency in the transactions of this currency has made Solana to be trusted by people and Solana to experience an upward trend.
Solana news is one of the best and most reliable factors that can change the index of fear and greed in this currency. Solana news directly affects traders’ decisions. Social networks and credible news media of digital currencies potentially reflect the news of Solana and digital currencies to users. News can affect the price of Solana.
These factors can work in the formation of an upward or downward trend for Solana. If you also have reasons that affect this currency like a price driver, please send it in the next article and follow the official news of Solana on our site.