It is a very well-known, fact that many ALT coins aim to be an alternative to Ethereum. However, ALT coins like ADA and DOT are on the move. As their scheduled Alonzo hard fork update and the parachains auctions are on the horizon. Meanwhile, Ethereum is readying with an Ethereum layer 2, which will counter its gas fees, and congestion.
However, Solana price is in the buzz yet again achieving 24.48% gains, and volumes gaining significant impetus. There are multiple factors that are impacting the surge. SOL’s move into NFT’s with degenerate Apes, a wide range of applications accepting the platform, people looking for ETH alternatives, etc.
Will Wormhole Give A Major Push To SOL Price?
SOL can evolve to be a worthy replacement to ETH considering the coin’s performance in the recent past. Faster transaction speeds, growing acceptance, and the launch of “Wormhole” all sum up to give enough boost for the platform. Transaction speed comes around 50,000 TPS at a cost of $0.01 per transaction.
Learning from Solana’s official website, it is understood that “Wormhole” is a bidirectional, decentralized ERC-20 special token bridge between ETH and SOL. Wormhole enables the existing platforms and communities to move tokenized assets seamlessly across blockchains to benefit from SOL’s high speed and lower costs.
The wormhole is now live with the support for Ethereum, the makers will be adding support for Terra as well, upgrading the wormhole to a 3-way cross-chain bridge.
What Does The Bag Hold For The Future?
The current mainnet of Solana is running on Beta and the full mainnet is the only update that is to be released. However, other sources expect proposals for on-chain governance which is a system for managing and implementing changes to the cryptocurrency blockchains. And several other projects listed on Solana’s Github space could assist the rally. However, users also opine with the beta version is in the stream with the mainnet update.
Solana has also launched the “Ignition Hackathon”, where they will be discussing the project ideas to build during the event. Solana is also presenting prizes of up to $5 million in global prizes and seed funding.
Collectively, SOL is rising exponentially on the charts. Interestingly, Synthetify’s founder Norbert mentioned the rumour that Solana is going to lower the fees in his tweet. Currently, no substantial evidence supports this stand yet being a rumour, it might boost the surge.
However, considering the upcoming upgrades and immense market sentiments, Solana price could surge high in the coming days. In the very short term, $160 could be the upper barrier that could be achieved anytime from now.
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