What Helped Solana Achieve Double-Digit Gains?

Solana’s performance in 2021 remains one of the best recent performances. Unfortunately, the “Ethereum Killer” cannot replicate that bullish momentum as it is currently more than 83% below its all-time high (ATH).
What Helped Solana Achieve Double-Digit Gains?

SOL surged after Ethereum’s Goerli testnet successfully merged. Over the next 24 hours, SOL closely followed ETH’s momentum, trading 11.6% higher and recording an intraday high of $45.12. With momentum as Bitcoin breaks above $24,000, SOL is trading at $48.

What Helped Solana Achieve Double-Digit Gains?
SOL daily chart. Source: CoinCu

The ETH rally is not the only factor driving SOL. According to the Solana Foundation, there are several changes to the node.

Since the Slope mining attack compromised more than 8,000 wallets, Solana considers it necessary to assess the health of the validators. The organization insists Solana is still a permissionless network, and anyone can contribute.

Additionally, the report added that an average of 95 new consensus nodes have been added to the network since June 2021. Solana also notes that their validator count reaches 3,400 across 6 continents, meaning that developer activity on the network has not waned.

The report even commended Solana for her insight when implementing the Nakomoto Coefficient to determine network damage. This may substantiate the previous stance that the Slope and Phantom wallet hacks were not their faults.

At the time of writing, the Nakamoto Coefficient is 31, which has improved the network’s health. With many organizations working on the validator chain, is SOL ready to hit the new ATH?

Screen Shot 2022 08 13 at 1.33.34 PM
Blockchain’s Nakamoto Coefficient

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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