Solana (SOL): This Upgrade Catalyzed Double-Digit Surge

Solana’s 2022 performance remains among the best in the crypto world recently. Unfortunately, the ETH Killer couldn’t replicate the bullish upside. And it stayed a staggering 83.68% beneath its ATH (CryptoQuant data).

The crypto noted upticks following the successful Ethereum Goerli testnet upgrade. Ethereum mimicked Ethereum’s upside, exploding toward the $44 mark as Ethereum flourished.

Though some bearishness halted the upside journey, the current momentum might propel Sol to the $46.77 July high within no time. However, the Ethereum surge isn’t the only facet behind price increases in SOL. The Solana Foundation revealed that the crypto saw some adjustment in the node and validator roles.

‘SOLe’ Contribution

Solana saw the necessity to assets its validator status following the exploit that compromised more than 8,000 wallets. The foundation emphasized that Solana would remain a permissionless blockchain where any interested individuals could contribute.

Moreover, the report confirmed that the network added 95 consensus nodes since June last year. Also, Solana stated that its validator number touched 3,400 in six continents.

That showed developer activity on the platform remained steady. The report added that Solana fared well after deploying the Nakamoto coefficient to detect network compromise.

That could match its earlier outlook that it wasn’t accountable for the Phantom and Slope wallet hack. Meanwhile, the Nakamoto coefficient stood at 31 during the report, improving the blockchain’s health. With most organizations operating their business off the validator chain, is $SOL primed to hit another all-time high?

On-Chain Outlook

Santiment data revealed increased development activity on Solana. It hovered at 20 on August 2 before climbing to 30 during this publication.

Surprisingly, NFT trade volume also surged, hiking to $1.9 million from $410,000. However, the journey to the ATH or setting a new all-time high isn’t a walk in the park, and it might take SOL some time.

Meanwhile, its near-term price might keep a bullish stance. Moreover, Santiment showed that the altcoin remained farther from its 2022 market cap highs of $45.31. though the altcoin appeared to enjoy increased volume, its market capitalization noted a slight uptick to $15.44B.

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