Crypto analyst Jacob Canfield shared his analysis of Solana Cryptocurrency on behalf of several factors.
Solana is a popular Proof-of-Stake (PoS) blockchain network known for its highest scalability. In the 2021 crypto bull run, Solana (Sol) coin surged from $4 to $204 trade price.
Later following the bear sentiments and Solana blockchain smart contract bug reports acted as a big catalysts to retrace the trade price of Sol coin back to $50.
In late 2022, following the bankruptcy of the biggest Solana coin Investor Crypto hedge firm Alameda Research, Sol coin plunged badly & hit $9.89.
At the beginning of this year, the popular crypto entrepreneur and co-founder of the Ethereum blockchain Vitalik Buterin supported this crypto project because of the multiple talents in the Solana ecosystem. Vitalik’s support brought a better level of confidence among Sol coin investors.
The current trade price of Sol coin is $54.56 & this trade price is 31.27% higher over the last 30 days of trade price.
On 9 Nov 2023, Crypto analyst Jacob shared his analysis on this crypto project and predicted a $1,000 target for this cryptocurrency for this season.
Jacob considered all the top-level projects which are favoring the pump in the trade price of Sol coin e.g. Defi Protocols, dapps, and other useful blockchain & crypto services on the Solana network.
In the last couple of years, Solana faced a huge downfall because of the smart-contract bug reports but it will be interesting to see Sol’s growth for this bull run, whether it will face any new bug issues or will go smoothly, as the Solana community developers spent a huge time fixing the bugs.
A few days ago, Telegram’s Ton blockchain network processed more than 100k transactions in one second which is 40% higher TPS than Solana’s hypothetical TPS limit.
Some people believe that the current bill phase of this crypto market is a time to invest in Solana alternative projects, instead of Solana, as the blockchain innovations in this space are now at the next level & we should forget Solana like traditional blockchain networks. But a notable pump in the Solana coin is showing a different picture over such Solana negative opinions.
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