Solana has a bright future as it completes 95 million transactions

Solana has a bright future as it completes 95 million transactions

Recent data from Solana [SOL] blockchain explorer indicates that the network has processed a total of 96.62 million transactions. In fact, at the time of writing, the network processes an average of 3,044 transactions per second.With impressive stats like these, Solana can prove her skeptics wrong, while also lowering the FUD around Solana's downtime.

While it remains to be seen if SOL can regain the confidence of skeptics, it seems the network has attracted interest from the crypto community. The LunarCrush chart given below has marked a significant increase in Solana's social media mentions and interactions.

 

Source: Lunar Crush

The chart above shows Solana's social media engagement increased by 13.8% and Solana's social media mentions skyrocketed by 2.31% over the past week.

 

But the good news doesn't end there. In a tweet September 7
, Messari stated that Solana was able to scale over 2000 nodes. Thus, this is another indicator that the Solana team has worked hard to fix their issues with the downtime.

Is your low my high?

Since transaction fees (revenue for validators) are low on Solana, it becomes difficult to run a node. This is because validators need to figure out the best possible way to monetize transactions with very low fees.

However, Solana's low transaction fees are one of the reasons people are attracted to Solana's NFT communities. New updates and improvements are the cherry on the cake.

In a recent development, Goatswap launched Solana's first Automated Market Generator (AMM). With this launch, users will be able to create pools to automatically buy, sell or trade NFTs.

Although there have been a lot of improvements from Solana's side, this price still doesn't show much promise. The price has been in the $33.99 and $30.09 range for quite some time. But there could be a chance that the price could break the $33.99 mark.

The token has increased 3.1% in price over the past 24 hours. The Relative Strength Index (RSI) at 65 shows that momentum is on the buy side at the moment. This also indicates that Solana's price could be better in the short term.

Source: TradingView

Although things are looking good for Solana, readers should be cautious as Solana. Altcoins have had a long history of downtime and other issues that can negatively affect its price.

 

 

Sep 09, 2022

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