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SOL Surges 12% as Team Touts Decentralized Future For Solana

2 mins
Updated by Ali Martinez
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In Brief

  • Solana co-founders confident for decentralized future.
  • Foundation Strategic Business Development head focusing on DeFi.
  • SOL prices surged 12% in 12 hours.
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Solana momentum continues to build as the team puts more distance between themselves and the toxic FTX environment.

On Jan. 31, Solana’s co-founders published a blog post outlining their vision for a decentralized future. The pair touted Solana’s high throughput claiming that matches that of the New York Stock Exchange and will push crypto potential even further.

“We believe that Solana making blockspace abundant and cheap will leapfrog crypto into its full potential,” they said.

Furthermore, some of the bear market activity and metrics were highlighted. These include a large increase in the number of Solana validators last year. There is also a second validator client created by a third party being tested. It boasts a whopping 0.6 million transactions per second in a test environment.

Solana Into 2023

The co-founders refuted the FUD from 2022’s crypto contagions, looking forward to the coming year:

“We believe 2023 will be a year where the Solana community continues to take the reins and continues to build the framework for a decentralized and permissionless economy.”

On Feb. 1, the head of Strategic Business Development at Solana Foundation, Ben Sparango, also spoke about the Foundation’s aspirations for 2023. He said he would primarily focus on the DeFi sector and financial use cases such as payments.

Sparango acknowledged that DeFi was hit particularly hard in 2022, being left in a “maimed position.” He will be spending time assisting the DeFi community in devising ways for liquidity to return to the sector.

He said insurance was also important, so investors know their funds are covered. Speaking about the core group that remains focused on Solana DeFi, he said:

“I have no doubts that they will build products that three or four years from now will be some of the top volume applications in all of crypto,”

SOL Price Outlook

SOL prices have surged 12% over the past twelve hours. The coin climbed from $22.64 to hit an intraday high of $25.64 before cooling off slightly but holding above $25.

This past weekend, SOL briefly touched $26.75, the highest price it has seen since the FTX collapse in November.

SOL/USD 1 month - BeInCrypto
SOL/USD 1 month – BeInCrypto

Over the past month, SOL has made a whopping 125%, but it has a long way to go for a full recovery. Furthermore, the asset is currently down a painful 90% from its peak level of $260 in November 2021.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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