{"id":469386,"date":"2021-08-16T23:24:00","date_gmt":"2021-08-16T23:24:00","guid":{"rendered":"https:\/\/wncen.com\/?p=469386"},"modified":"2021-08-16T23:24:00","modified_gmt":"2021-08-16T23:24:00","slug":"solana-it-could-run-hotter-in-coming-months","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana-it-could-run-hotter-in-coming-months\/","title":{"rendered":"Solana Near $70, Why It Could Run Hotter In The Coming Months"},"content":{"rendered":"

Up almost 20% in the past 24 hours, Solana (SOL) has been on an incredible rally across the board.<\/a> In higher timeframes, the cryptocurrency records a 70% and 141% profit in the 7 day and monthly chart.<\/p>\n

\"Solana
SOL on a rally in the daily chart. Source: SOLUSDT Tradingview<\/a><\/figcaption><\/figure>\n

Perceived as one of Ethereum\u2019s potential killer ecosystems, Solana continues to grow and attract attention from the crypto space. DeFi investor Daniel Cheung recently published<\/a> a report on the fundamentals that support further appreciation for SOL\u2019s price<\/a>.<\/p>\n

Cheung believes this cryptocurrency offers one of the \u201cbest\u201d reward\/risk scenarios for any crypto investments and predicted the arrival of the \u201cSolana Summer\u201d. This project has a straightforward pitch due to its high scalability and low-cost smart contract platform.<\/p>\n

In addition, it provides a high level of scalability in an ecosystem without solutions such as sharding. Cheung believes that these features allow the application build on Solana to have \u201csynchronous composability\u201d.<\/p>\n

This matters because with a single shared state and synchronous composability every application on Solana can communicate with each other atomically.<\/p><\/blockquote>\n

As Ethereum moves forwards with its migration from a Proof-of-Work consensus algorithm to Proof-of-Stake, its DeFi ecosystem could lose this property. Thus, some applications could become less interoperable with each other or stop working altogether.<\/p>\n

The Bearish Case For Solana, What Could Prevent More Gains<\/h2>\n

As NewsBTC reported<\/a>, the Solana Foundation launched stake pools with the purpose of increasing the security of its network, make it more censorship-resistant, and provide SOL holders with more incentives to participate in the ecosystem.<\/p>\n

The latter has been one of the heaviest criticisms made by the project\u2019s detractors in addition to the network\u2019s level of centralization. Cheung believes this is part of the bearish thesis for Solana claiming the network \u201cmay never decentralize enough in the future\u201d.<\/p>\n

The second part that could prevent this ecosystem to gain further traction is Ethereum itself. This competitor still supports the majority of DeFi projects, has a high number of developers working on dApps and the development of the ecosystem, second layer solutions, and more.<\/p>\n

\"Solana
Source: Daniel Cheung via Twitter<\/figcaption><\/figure>\n

Cheung claimed Solana \u201cfaces a steep uphill battle vs Ethereum\u201d. However, DeFi is one of the sectors where it\u2019s more visible than the crypto industry is still in its early phase and could inevitably be heading towards a \u201cmultichain world\u201d, as Cheung called it while he added the following:<\/p>\n

It is still unclear whether smart contracts will be a winner-take-all market. While Ethereum is currently in the lead, data points increasingly point towards a multi-chain future, at the very least for the foreseeable future as this market plays out.<\/p><\/blockquote>\n

Moreover, on the centralization issue, the investor said that there is a lot of debate around when a blockchain has the right balance of decentralization. Cheung estimates that 1,000 or 10,000 nodes could be sufficient, this would make the criticism towards this network \u201cinvalid\u201d.<\/p>\n

Data presented by the investor claim that development activity in the SOL ecosystem are \u201ctrending very well\u201d and has accompanied its price appreciation. The trend seems poised to continue in the coming months, as relevant figures in the crypto space, such as FTX CEO Sam Bankman Fried, are \u201cheavily involved\u201d with Solana.<\/p>\n

Cheung claims that Bankman Fried has been making serious investments into this ecosystem. The exchange and its CEO have been making external investments in traditional finances, sports, and consolidating partnerships with other investors, politicians, celebrities, and others.<\/p>\n

Thus, institutions from Wall Street are keener to jump into Solana and its ecosystem. Cheung concluded:<\/p>\n

So with the bear arguments nullified, you are left with an asset that offers one of the best R\/R in crypto right now, and one that offers practically unlimited upside in a bubble given its comped to $ETH which trades like its running to become the internet\u2019s reserve currency.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Up almost 20% in the past 24 hours, Solana (SOL) has been on an incredible rally across the board. In higher timeframes, the cryptocurrency records a 70% and 141% profit in the 7 day and monthly chart. Perceived as one of Ethereum\u2019s potential killer ecosystems, Solana continues to grow and attract attention from the crypto space. DeFi investor Daniel Cheung recently published a report on the fundamentals that support further appreciation for SOL\u2019s price. Cheung believes this cryptocurrency offers one of the \u201cbest\u201d reward\/risk scenarios for any crypto investments and predicted the arrival of the \u201cSolana Summer\u201d. This project has a straightforward pitch due to its high scalability and low-cost smart contract platform. In addition, it provides a high level of scalability in an ecosystem without solutions such as sharding. Cheung believes that these features allow the application build on Solana to have \u201csynchronous composability\u201d. This matters because with a single shared state and synchronous composability every application on Solana can communicate with each other atomically. As Ethereum moves forwards with its migration from a Proof-of-Work consensus algorithm to Proof-of-Stake, its DeFi ecosystem could lose this property. Thus, some applications could become less interoperable with each other or stop working altogether. The Bearish Case For Solana, What Could Prevent More Gains As NewsBTC reported, the Solana Foundation launched stake pools with the purpose of increasing the security of its network, make it more censorship-resistant, and provide SOL holders with more incentives to participate in the ecosystem. The latter has been one of the heaviest criticisms made by the project\u2019s detractors in addition to the network\u2019s level of centralization. Cheung believes this is part of the bearish thesis for Solana claiming the network \u201cmay never decentralize enough in the future\u201d. The second part that could prevent this ecosystem to gain further traction is Ethereum itself. This competitor still supports the majority of DeFi projects, has a high number of developers working on dApps and the development of the ecosystem, second layer solutions, and more. Cheung claimed Solana \u201cfaces a steep uphill battle vs Ethereum\u201d. However, DeFi is one of the sectors where it\u2019s more visible than the crypto industry is still in its early phase and could inevitably be heading towards a \u201cmultichain world\u201d, as Cheung called it while he added the following: It is still unclear whether smart contracts will be a winner-take-all market. While Ethereum is currently in the lead, data points increasingly point towards a multi-chain future, at the very least for the foreseeable future as this market plays out. Moreover, on the centralization issue, the investor said that there is a lot of debate around when a blockchain has the right balance of decentralization. Cheung estimates that 1,000 or 10,000 nodes could be sufficient, this would make the criticism towards this network \u201cinvalid\u201d. Data presented by the investor claim that development activity in the SOL ecosystem are \u201ctrending very well\u201d and has accompanied its price appreciation. The trend seems poised to continue in the coming months, as relevant figures in the crypto space, such as FTX CEO Sam Bankman Fried, are \u201cheavily involved\u201d with Solana. Cheung claims that Bankman Fried has been making serious investments into this ecosystem. The exchange and its CEO have been making external investments in traditional finances, sports, and consolidating partnerships with other investors, politicians, celebrities, and others. Thus, institutions from Wall Street are keener to jump into Solana and its ecosystem. Cheung concluded: So with the bear arguments nullified, you are left with an asset that offers one of the best R\/R in crypto right now, and one that offers practically unlimited upside in a bubble given its comped to $ETH which trades like its running to become the internet\u2019s reserve currency.<\/p>\n","protected":false},"author":535,"featured_media":469388,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12837,83626,83627],"class_list":["post-469386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-sol","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Near $70, Why It Could Run Hotter In The Coming Months<\/title>\n<meta name=\"description\" content=\"Up almost 20% in the past 24 hours, Solana (SOL) has been on an incredible rally across the board. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Near $70, Why It Could Run Hotter In The Coming Months","url":"http:\/\/wncen.com\/news\/solana-it-could-run-hotter-in-coming-months\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana-it-could-run-hotter-in-coming-months\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Solana-SOL-SOLUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Solana-SOL-SOLUSDT.jpg?fit=1071%2C801"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["sol","solana","solusdt"],"dateCreated":"2021-08-16T23:24:00Z","datePublished":"2021-08-16T23:24:00Z","dateModified":"2021-08-16T23:24:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Near $70, Why It Could Run Hotter In The Coming Months\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-it-could-run-hotter-in-coming-months\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana-it-could-run-hotter-in-coming-months\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Solana-SOL-SOLUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/Solana-SOL-SOLUSDT.jpg?fit=1071%2C801\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"sol\",\"solana\",\"solusdt\"],\"dateCreated\":\"2021-08-16T23:24:00Z\",\"datePublished\":\"2021-08-16T23:24:00Z\",\"dateModified\":\"2021-08-16T23:24:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/Solana-SOL-SOLUSDT.jpg?fit=1071%2C801","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469386"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=469386"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/469386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/469388"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=469386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=469386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=469386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}