Can Solana (SOL) Sustain Its Google-Triggered Price Rally?

Solana (SOL), has been one of the most successful gainers over the weekend. It was because of the bullishness after Google announced that it was running Solana Nodes. The price of this digital asset rose in response to the announcement. It climbed more than 15% and finally crossed the $38 threshold for the first-time in nearly two months. Will SOL be able to maintain its gains as the market enters another week?

Solana sees a slow start

Solana’s stock has been in negative territory since the start of the week. The digital asset saw a rapid fall of 22% in just 24 hours. Investors remain cautious despite positive news from Google.

This indicates weakness in the asset, and an inability for the investor to keep the gains recorded over the weekend. Following the weekend’s sell-offs, investors have begun to focus their attention on its larger counterparts. 

The SOL volume traded saw a drop of almost double digits in the 24 hour period. The probability that the asset will hold its value falls as trading slows down. SOL is now at $31, which means it’s dangerously close the $30.35 weekly low. Although this might be seen as bullish considering that it remains higher than its weekly lows, the SOL digital asset has suffered a loss of $6 to get here.

Nevertheless, Google’s news remains a long-term bullish indicator for not just SOL but the crypto market as a whole. It signifies the entry of new players to the space, which goes beyond trading in cryptocurrency like Bitcoin and Ethereum but actually takes a much more central position.

Solana (SOL) price chart from TradingView.com

 Source: SOLUSD on TradingView.com| Source: SOLUSD on TradingView.com

Working with the SOL Network

Google’s Solana validator service hasn’t been the only positive news about the digital asset. Anatoly Yakovenko (co-founder) stated that the network has been working on an important issue: power outages, which have rocked digital asset.

Yakovenko, speaking at Breakpoint 2022’s annual conference in Portugal explained that his team has been working on new updates to improve the reliability of the network. He explained that the multiple power outages that were recorded were “not the experience we want to deliver”.

The days of Solana being without internet could soon be over. This could eliminate a major pain point for users, while restoring faith in the space’s network. The USDC Circle issuer is also mentioned. planning to launchThe Euro Coin (EUROC), a cross-chain protocol for the transfer of Euro Coins on the Solana Blockchain at the beginning of 2023 is expected to make the future very bullish for this competitor.

Featured Image from Crypto News. Chart from TradingView.com

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