Solana (SOL): Why Traders Might Go Long This Week
The Solana community rejoiced over the previous week as the blockchain introduced multiple new features. The upgrades are visible in SOL-based protocols plus the mainnet. As a result, SOL has seen significant price changes during the timeframe under review. While publishing this content, Solana traded at $39.45, following dips from August 8. Meanwhile, the ongoing downside matches broad market tendencies as bulls seem tired following the recent run-up.
Built-Within
The Automated Market Makers (AMMs) traffic is among the exciting developments in the Solana blockchain within the previous month. The AMMs are monetary instruments that account for increased Solana liquidity. According to the latest update, Orca and Raydium still lead monthly traffic in Solana AMMs. Meanwhile, Raydium outshines Orca 3X in traffic. Also, there’s Saros Finance, which surged into the top three wallets following its recent performance.
Another update highlighted an Anchor-powered Seahorse release. Seahorse is a structure for developing SOL programs in Python and aims to collect 100M developers on Solana’s network. The Seahorse update brings compatibility with Anchor alongside compile time safety. Also, Solana released a weekly report recently, indicating crucial mainnet development upgrades.
First and foremost, they have laid down the recent ‘Off-chain Message Signing’ proposal. The present proposal highlights how individuals can accomplish off-chain message signing with hardware wallets. That might enable functionalities like sign-in in with an address and offering wallet ownership without transacting.
Still More
Solana remains a target for blockchain failures despite the multiple new features. On August 3, the network suffered a $6 million attack that compromised 8,000 wallets. SOL blockchain developers revealed that the exploit came from negligence by Slope wallet (web3 wallet provider).
Though not directly responsible for the attack, Solana (SOL) remains attractive for blockchain exploits. Also, it has suffered from online hockey following its continued network outages, which reacted in fading price actions.
Despite SOL recovering from the platform attack, it failed to gain momentum with other large-cap cryptos. Meanwhile, the crypto sees a boost from developments as they saw it jumping within the previous week. Nevertheless, SOL’s closest rivals, such as Polkadot and Cardano, have presented more impressive price actions. Solana remains attractive for long bets this week. However, time will tell.
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