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

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

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.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

24 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

29 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

37 minutes ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

2 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

3 hours ago

This website uses cookies.