Solana has recently announced that it is adding a plasma sidechain to the platform, which is expected to significantly improve transaction throughput. The project aims for a “second layer” solution to Ethereum’s scalability issues, giving developers a fast and scalable environment for decentralized apps. Solana is the best thing going in the space, hands down.
The SOL token is currently trading around $40.75, according to CoinMarketCap. That’s a 31% rise from where it was on Wednesday at 01:00 UTC. With the overall cryptocurrency market turning bearish, SOL has broken a key psychological level and could be prime for a healthy move higher. The only thing that remains to be seen is how high SOL can rise from here and if it will continue moving in tandem with BTC or possibly vice versa relative to popular altcoins.
The price of the blockchain-based project Solana has been skyrocketing since Saturday, while bitcoin and Ethereum (ETH) have struggled to rise after a social media mania caused by Elon Musk’s controversial ‘funding secured’ tweet. The momentum behind Solana is multiplying despite still being early in development.
Solana announced $40 million in new strategic investment today while rival projects, including Cosmos and DFINITY, are still waiting for their initial coin offering (ICO) funding to lock in.