Categories

Reasons Why Investors May Want to Buy Solana (SOL) This Week

Reasons Why Investors May Want to Buy Solana (SOL) This Week

Several new features were added to the Solana blockchain last week, which was met with much excitement by the Solana community. The enhancements are noticeable on the mainnet and all protocols that use SOL. That’s why SOL’s price has fluctuated a lot during our analysis period. Solana’s stock price, which has been falling since August 8 and is currently at $39.45, is reflected in this article’s publication time. While bulls appear fatigued after the recent run-up, the market as a whole has been trending downwards.

Built-Within

One of the fascinating new features of the Solana blockchain in the past month is the activity of Automated Market Makers (AMMs). AMMs are a type of financial instrument that helps explain why Solana is now more liquid than ever. The most recent data shows that Orca and Raydium continue to dominate Solana AMMs’ monthly traffic. In the meanwhile, Raydium is more popular than Orca 3X in the roads. Saros Finance is another example, as its recent success has propelled it into the top three wallets.

An updated version of Seahorse that runs on the Anchor platform was also announced. The goal of Seahorse, a framework for writing SOL programs in Python, is to attract one hundred million programmers to the Solana platform. The Seahorse upgrade adds compile time safety and compatibility with Anchor. Also, Solana has been publishing weekly reports lately, and these reveal significant mainnet development enhancements.

They’ve proposed Off-chain Message Signing first and foremost. In this proposal, we focus on how individuals can use hardware wallets to do off-chain message signing. That might open the door to features like address-based sign-in and wallet ownership disclosure without monetary exchange.

To add to that

Even with all these improvements, Solana is still a prime target for blockchain attacks. On August 3rd, a $6 million attack compromised 8,000 wallets on the network. The SOL blockchain developers disclosed that the vulnerability was caused by carelessness on the part of the Slope wallet (web3 wallet provider).

Solana (SOL) was not directly involved in the hack, but it continues to be a target for blockchain attacks. In addition, its persistent network disruptions have led to online hockey, which has resulted in declining price actions.

Although SOL has made progress toward recovery from the platform attack, it has been unable to keep pace with other large-cap cryptocurrencies. The crypto has benefited from recent events, which have led to a price increase during the past week. However, SOL’s main competitors like Polkadot and Cardano have shown more spectacular price movements. This week, Solana is still a good candidate for long bets. That said, only time will tell.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.