Santiment Announces: Incredible Signals on SOL, Cardano, and Ethereum!
Solana firm’s SOL token surpassed Dogecoin by a large margin on Tuesday to become the seventh most valuable cryptocurrency this week, very interestingly. However, it later rose 26% to reach a record high of $125.98 (€105.55) before returning to eighth place!
Compared to last month, SOL increased by almost 230%.
This token was released just 16 months ago. However, it currently has a market capitalization of over $35 billion. So, what are the reasons for this rise of SOL?
SOL has been attracting so much attention lately because the network can enter non-exchangeable tokens (NFTs) that are anything digital, such as music or art, sold with technology. In recent years, SOL has also focused entirely on Defi (decentralized finance) projects that carry out financial transactions on the blockchain with financial institutions and intermediaries.
What Do SOL and Cardano Do Differently?
SOL has prioritized intelligent contracts, which are programs that operate within predetermined conditions and can automate and store agreements on the blockchain so that everyone is fully confident of the outcome. So they cut out any middlemen and sped up the process tremendously. This allowed SOL, in particular, to take advantage of the NFT market and Defi.
However, other cryptocurrencies such as Cardano are also planning to enter the bright contract space. Therefore, competition is expected to increase shortly!
SOL also uses the PoH consensus. This means that the messages are entirely delimited together so that all messages are a record and proof of their time. The concept, on the other hand, provides greater trust and scalability in the blockchain. Investors are also speculating as a possible new feature that SOL will launch in the first weeks of September. However, there is very little information yet about what this feature might be.
Will SOL Become a Competitor for Bitcoin and Ethereum?
According to experts, SOL received more than $7.5 million in investments last week. Bitcoin, on the other hand, lost around $ 2.5 million as an investment. However, SOL can’t topple Bitcoin in the near term!
Are There Any Threats to SOL?
The price of SOL has dropped by 60% this summer as cryptocurrency regulations in China collapsed the crypto market. The USA is also exploring the crypto market, which could pose another threat to the value of all tokens.
Will Cardano Become the Next Big Crypto?
The little-known cryptocurrency Cardano aspires to become the third-largest after Ethereum and Bitcoin, following the price surge in recent days. According to experts, Cardano’s price has increased by more than 35% in the last week, with its market cap approaching approximately $91.50 billion.
What are the Reasons for the Success of Cardano and SOL?
For the past few weeks or so, the cryptocurrency market has been seriously recovering. Bitcoin and Ethereum are leading this wave. However, altcoins developed as an alternative to Bitcoin have also started to gain momentum in the price race. The massive price increase for SOL and Cardano comes just after announcing a significant upgrade called Alonzo, which will be relaunched in September.
Alonzo, on the other hand, is new crypto that will introduce smart contracts to the blockchain. Smart contracts are known as programs that can continue to function when predetermined conditions are met. It is generally preferred for automating the execution of a new deal and allows Cardano to deploy its own smart contracts and pave the way for its own decentralized applications.
Another important reason for the rise of SOL and Cardano is that after August 25-26, the coin will be listed on the Japanese stock market soon after it is authorized by countries considered to have one of the strictest factors to enter the market. This is actually known as the main factor behind the rise of these cryptocurrencies.
It also means that Cardano will join the most exclusive Litecoin, Bitcoin, and Ethereum coins in Japan, where the cryptocurrency will be put to the test. According to experts, the second largest cryptocurrency by market capitalization has started to trade with an increase of 11% during the day. When it comes to the SOL cryptocurrency, he started to analyze the many comments that completely affect a cryptocurrency. The company owned by SOL also states that the positivity of these comments completely surrounding SOL has reached high rates.