Since its recovery after FTX went bankrupt, Solana (SOL) has continued to be in the spotlight. The token jumped by 580.44% from $21 (Rp336,050.00) last year to $154.25 (Rp2.5 million), occasionally ranking third among crypto assets. Major analysts now predict that Solana could go even higher.
According to a recent analysis from Franklin Templeton, Solana has the potential to occupy the third position permanently, outperforming Binance Coin (BNB) and USDT. The analysis outlines the key factors behind Solana's success.
Causes of SOL Price Increase
Research institute Franklin Templeton released a detailed report on Solana's prospects after recovery from the FTX crash and its potential path forward. According to the agency, the increase was driven by a surge in volume on decentralized exchanges (DEXs). Strikingly, this volume increases from $1.1 billion (Rp17.6 billion) in November 2023 to $35.2 billion (Rp564.7 billion) in April 2024.
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Jito and Pyth Airdrop Impact
Airdrops in its ecosystem significantly support this change. Projects like Jito and Pyth in large numbers have a positive impact on their users. The airdrop rewarded Solana holders with free tokens worth billions. This airdrop increased investor interest in the token and in Solana as a whole.
The report states that Solana is well positioned to benefit from this airdrop, thanks to its technological advantages. Unlike Ethereum, Solana's low fees and high speeds allow less tech-savvy investors to benefit from airdrops without paying expensive gas fees.
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Upgrade Firedancer
The introduction of Firedancer, the new validator client of Jump Crypto, will likely increase this edge. Importantly, these improvements increase data throughput and maximize client hardware usage, leading to lower costs for validators.
Can Solana Surpass BNB?
Solana has outperformed BNB several times, especially during periods of significant market momentum. Most recently, Solana outperformed BNB in February and March 2024, driven by strong momentum in memecoin trading. However, after the market subsided, BNB returned to the top spot.
Simultaneously, Franklin Templeton expects the upcoming airdrop program to strengthen Solana's position, potentially even putting it in third place. This will make SOL outperform Tether, trailing only Bitcoin and Ethereum.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Solana (SOL) Price Increase Today: What Are Your Causes?
3 Hottest Cryptos 2024: TRON, DTX Exchange, Bittensor Big Money!
Ethereum ($ETH) Price Prediction 2024-2033: Will It Reach $10K?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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