Research by Coinbase exchange noted that Solana (Sol) will bounce back to a better level in the sector because of several technical factors.
Solana is a popular Proof-of-stake (PoS) blockchain network. In the last few years, Solana emerged as a top-level crypto blockchain Network because of its high ability to process crypto transactions with scalability up to 65k TPS. The downfall in the price of Sol, a native token on the Solana network, started after the multiple network outage occurred in its blockchain which started in Q4 2021.
Recently Coinbase published its Brian Cubellis report and talked about the Solana blockchain. The research noted that the downfall of the FTX crypto exchange & crypto hedge company Alameda Research, and multiple network outages because of bugs in its blockchain code caused a very big downfall for the Sol coin.
According to the report, it was only the Solana blockchain that portrayed the fundamentals and technical strengths in the level of transactions, users, and developer activity. These facts may help Solana to come back easily.
Coinbase research noted that Solana failed to grab better support among crypto enthusiasts but still doing better at a practical level. For instance, Solana’s daily active users currently stand at 155k, 43%, compared to Ethereum’s 344k. But the Solana network processes 17.7 million transactions per day, compared to Ethereum’s 1 million.
Due to the efficiency of the Solana network, many developers show significant Inclination toward the Solana blockchain ecosystem as the best choice. And such increasing development activities in the Solana network are showing that Solana is still in the race.
The current trade price of Sol coin is $22.7 & this trade price is 14.3% down over the last 7 days of trade price.