The crypto market is unchanged on Friday. Digital currencies are currently trading slightly up around the world. With a strong price performance, Solana stands out in the top 10 cryptos. Because the coin of the popular crypto network is up over 20%. This means that we can look back on a positive performance on a weekly basis. Now many investors are wondering whether Solana is still worth buying and what potential the coin has in the medium term.
Strong trading day and new record high
In the past 24 hours, Solana has increased in value by around 23%. This means that you also have a plus on a weekly basis. In the past seven days, SOL has gained around 14% in market capitalization. So after a short break, the rally at Solana continues. The coin of the popular smart contract network has doubled in the past two weeks alone. With a price of over 83 US dollars, it is currently not far from the all-time high that has been marked in the last few hours.
Solana smart contract platform
Solana aims to become a serious competitor for the leading Ethereum and Cardano networks as a smart contract platform. The unique technology provides a unique selling point for the smart contract platforms. However, Solana has to prove in the next few years that it can catch up with the competition – because ETH and ADA have significantly stronger networks and more renowned pilot projects. But the constant further development and increasing market capitalization are generating more and more interest from well-known companies and investors. Solana’s smart contract platform is therefore gradually evolving.
Fast, cheap and easy
Solana’s smart contract platform offers several advantages. The aim of the developers is to create a fast, inexpensive and simple network for the automated processing of contracts. The fast processing speed and the low fees are the main advantages. Because the established proof of history ensures rapid communication between the network nodes, so that significantly more transactions are processed than with the competition on the Ethereum network.
Institutional investors are taking advantage
More and more institutional investors are turning to Solana. According to reports from CoinShares, around $ 7.1 million has been invested in investment products related to Solana in the last week alone. While other cryptos and their investment products have withdrawn capital in recent weeks, things are different with Solana. This suggests that Solana is increasingly becoming the focus of investors. Because the smart contract platform continues to position itself as a serious competitor to Ethereum and Cardano – with a few advantages, the Solana blockchain could secure significant shares of the potential market in the long term.
Buy Solana now?
With the new all-time highs in the last few hours, Solana can build on the positive momentum of the last few weeks of trading. Even today, SOL showed strength in a stable crypto market and was the best coin in the top 10 by market capitalization. The starting position in terms of chart technology, together with the fundamental advantages of the Solana network, can ensure that further price gains will also occur in the next few days and weeks. In the long term, the Solana Blockchain remains promising.
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