Ethereum’s Layer-1 competitor Solana (SOL) has been making strong moves over the past few weeks and surged all the way to $30 before retracing nearly 20% from there. As of press time, SOL is trading at a price of $24 with a market cap of $9.8 billion.
Analysts have already started giving bullish price calls for Solana (SOL) in the long term. James Mullarney, the host of InvestAnswers, says that Solana could reach its all-time high once the next bull market kicks in.
In a YouTube video, Mullarney suggested that Solana’s price could reach $250, which would be a remarkable increase of over 870% from its current value of $25.75. The analyst believes that this surge in Solana’s price will likely be triggered by Ethereum’s Cancun upgrade. This upgrade is expected to improve the scalability of Ethereum, which is a leading platform for innovative contracts.
Mullarney also mentioned a forecast by Blofin, a crypto-financial services firm, which predicts that Ethereum’s price could rise to $9,700 after the update.
Coming back to Solana, the crypto community members are further bullish on the Ethereum Layer-1 competitor. Earlier this month, Wall Street veteran investor Raoul Pal also made a bullish price prediction for Solana. he said.
There’s a potential, a possibility [of]a dream scenario that Solana does what ETH did from the 2018 low, which was a 47x. And so [the]Solana low was $9, so you could do the math, the numbers are potentially very interesting – that it’ll be 20-something X from here for Solana.
After the crypto bull run of 2021, the Solana blockchain network faced multiple issues of network outages. As a result, several analysts question the “reliability” of the Solana blockchain performance amid concerns over uptime issues.
As per the performance report published by the Solana Foundation on July 20, Solana has made notable progress in terms of uptime and the ratio of voting-to-non-voting transactions.
Starting from February 25, the network has achieved 100% uptime, meaning there have been no outages for a whole quarter. This is a remarkable improvement compared to February when a single outage caused the network to be offline for almost 20 hours.
The recent report emphasizes the progress made in the ratio of voting to non-voting transactions. Voting transactions happen when validators confirm proposed blocks, while non-voting transactions are the result of user interactions on the blockchain. The Solana Foundation noted:
“Over time, we would expect to see the ratio of voting to non-voting transactions go down because the overall percentage of voting transactions should drop as the network gets more efficient.”
The Solana Foundation is planning to make an improvement called “Timely Vote Credits” in Q3. This upgrade’s goal is to make block finalization faster and discourage people from intentionally delaying voting.
On July 19, Solana introduced a new developer tool called Solang. This tool helps address the key differences between Solana and Ethereum blockchains, particularly in their programming languages.
