Solana grew by 1017% over the year

Altcoin Sherpa, a well-known trader and cryptocurrency analyst, has studied the dynamics of the Solana cryptocurrency rate in detail SOL $249.29 Solana 5.63% Market capitalization $118.31 billion VOL. 24 hours $1.86 billion . The expert emphasized that now is not the best time to buy a digital token, but he still purchased a batch of virtual coins.

The trader emphasized that he wants to have a large amount of SOL on his account, which he will later transfer to his cold wallet and wait «until it makes him rich in 2024.» Altcoin Sherpa assured that he has been actively studying the Solana market in recent weeks and noted that «people from the retail industry who first started dealing with cryptocurrency are interacting in the chain.»

According to the crypto trader, the leading altcoin Ethereum ETH $3,296.30 Bridged Ether (StarkGate) 6.05% Market capitalization $0.28 billion VOL. 24 hours $3.02 billion has become too expensive. Those users who trade with $ 100 on their balance cannot afford to interact on Бутерін" href="https://noworries.news/biography/vitalij-buterin/" data-bio-id="3642">Vitalik Buterin's blockchain. That’s when crypto users start looking for other options. With Solana, «you can do much more because it’s cheap»

In just a week, Solana’s price rose by 61.4%, and it has added more than 1017% over the year. It should be noted that Solana uses the Proof of History (PoH) technology. It provides a unique chronological ordering of events on the network. This makes it possible to reach a throughput of up to 65 thousand TPS and ensure low cost of transfers.

The rivalry between Solana and Ethereum is due to the fact that both platforms are striving to become the basis for the development of decentralized platforms and financial instruments. However, unlike Ethereum, Solana offers scalability, which has become an important factor for applications requiring high performance and minimal fees.

At the time of writing, the native cryptocurrency of Anatoly Yakovenko’s blockchain is trading at $ 111.9, which is 1.3% lower than yesterday. The total amount of assets circulating on the market has reached $ 48 billion. Traders made daily trading deals worth $ 6.5 billion.

On December 24, Solana’s (SOL) quotes reached $ 118 for the first time since April 2022.