Knowledge

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? 4

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.

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?

Blockchain’s Nakamoto Coefficient

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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