Ethereum (ETH) co- founder Vitalk Buterin recently referred to Solana (SOL) as the most scalable blockchain tech while address the audience at a conference. This comment has stirred a buzz in the ecological system as the comment appear to imply that Buterin acknowledges the superiority of Solana (SOL) over Ethereum (ETH) in terms of scalability.
This bold statement by the face of Ethereum (ETH) boss is very likely cause SOL, the crypto token utilized by the blockchain tech, to print some recovery in terms of its value and market value.
Solana (SOL) is an advanced blockchain tech infrastructure that promotes scalability and accommodates Decentralized Applications (dApps), and associated crypto tokens. Markedly, it leverages an algorithm known as Proof-of-History (PoH) together with our trending Proof-of-Stake (PoS) consensus mechanism to make transactions quicker and more safe. With the PoH, the network can keep up with a verifiable timekeeping structure.
Ethereum (ETH), on the other hand, has been a prominent pioneer in the blockchain tech ecological system, likewise facilitating dApps, Decentralized Finance and smart contracts. Nonetheless, it has an overbearing impediment – scalability. Its slower transaction speed and large volumes have translated to congestion of the network and outrageous gas fees.
And once it gets tougher, it leads to network outages. At this critical time, Solana (SOL) appears to be the most appropriate solution.
Solana (SOL) Maintains $20 Support Level Broader Uncertainty
For quite some time, Solana (SOL) has been on a bearish slide and remained unperturbed by the increased network usage of the altcoin.
The boost in the number of new users has had no whole lot of effect on SOL’s price. The market value has been fluctuating betwixt $19 and $20 reports by data from CoinMarketCap and at the time of this writing, the crypto altcoin was trading at $20.05 after almost a 2 percent gain in the last 24 hours.
It is believed that extended selling pressures may have influenced the over 24 percent loss which Solana (SOL) has lost in the past weeks. In the 1st week of May, Solana’s price broke through the $22.8 resistance level but it was short-lived. The days following saw Solana (SOL) plummet to around $21.33. Unfortunately, the downward tendency continued until it reached $20 which became the current
The comments from Vitalik Buterin and the sheer sentiments it is poised to raise are tipped to be a catalyst in the short-term price uptrend for Solana.